The irony for first-time buyers is that price declines make housing more affordable just as their own borrowing capacity is weaker.
First home buyers are bearing the brunt of rising borrowing costs, with the rate of new home loans to these customers falling faster in December than any other buyer category to hit its lowest level in more than 2½ years.
Higher rates also put a big dampener on the east coast-dominated residential market. CoreLogic data revealed that dwelling values nationally “We expect the effects of reduced borrowing capacity on new loan activity, as well as the broader housing market, to diminish, as the conclusion of the hiking cycle approaches,” Mr Stinson said on Friday.
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