Mirvac says that sales of new homes slumped almost one-third in the first three months of the financial year as multiple interest rate increases and Labor’s changes to property tax concessions hurt market sentiment.
The ASX-listed real estate giant told investors that it had sold 429 homes in the three months to September 30, down from 619 in the same quarter last year. Mirvac said settlements, which reflect earlier sales at a time when interest rates were lower, rose from 265 to 291 over the same period.
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