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The Guardian - AU

National

Peter Hannam and Cait Kelly

Australians abandon buying first home as loan costs outweigh property price drops

Peter Hannam Eliza Owen Sally Tindall Reserve Bank Adrian Gareth Aird Australian Bureau of Statistics RateCity RBA

Auction sign in front of a house — Australian Bureau of Statistics’ data shows the value of overall new home lending in July saw the biggest monthly drop on record. Photograph: Lukas Coch/AAP

First-home buyers are disappearing from the market as property price falls prove insufficient to offset the rising cost of servicing loans, according to new data.

Data from the Australian Bureau of Statistics has shown demand for home loans contracting quickly. The Reserve Bank is expected to lift its cash rate again on Tuesday, extending the most rapid spate of rate rises since 1994.

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