Investors have fled the market in the face of successive interest rates this year and as Labor’s changes to property tax concessions choke off buyer demand.
New loans to property investors collapsed by almost a third in the three months to the end of September as higher interest rates and Labor’s changes to real estate tax concessions choked demand from buyers.
The value of new home loans – including those for owner-occupiers - was down 15.5 per cent in its largest quarterly fall on record, Australian Bureau of Statistics data shows.
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Labor’s tax changes, along with high interest rates and falling prices, are now hitting the property market. But one sector is showing surprising growth.
