{"id":167570,"date":"2022-08-02T15:30:56","date_gmt":"2022-08-02T05:30:56","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=167570"},"modified":"2022-08-02T20:56:57","modified_gmt":"2022-08-02T10:56:57","slug":"home-loans-fall-sharply-over-june","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/home-loans-fall-sharply-over-june\/","title":{"rendered":"Home loans fall sharply over June"},"content":{"rendered":"

Home lending fell sharply over June following the modest recovery recorded in May, with housing market activity impacted by higher interest rates and the onset of the typically quieter winter selling season.<\/p>\n

Higher interest rates have added to the impact of strong price growth over the past year significantly reducing home loan affordability and sidelining home buying.<\/p>\n

The ABS reports that the value of home loans seasonally adjusted (excluding land and alterations and additions) decreased by 5.3% over June compared to the previous month to be now 6.8% lower than reported over June 2021. Home lending over the first six months of 2022 is however 2.9% higher than recorded over the same period last year.<\/p>\n

The June decline in home lending is the steepest monthly fall reported since covid lockdowns quelled activity in May 2020.<\/p>\n

\"Abs<\/p>\n

Most states recorded falls in seasonally adjusted home lending over June with WA, VIC and ACT the underperformers, falling by 6.3%, 5.9% and 5.6% respectively.<\/p>\n

\"Abs<\/p>\n

Home lending can be expected to continue to decline over the coming months with the prospect of higher interest rates and fragile confidence impacting home buyer activity.<\/p>\n

Fixed loans fall further out of favour<\/h2>\n

The proportion of fixed loans funded in the month of June was just 9 per cent, in seasonally adjusted terms, and comes as banks rapidly hike fixed rates.<\/p>\n

This includes both new loans and refinancing.<\/p>\n

\"fixed<\/a><\/p>\n

At the peak in July 2021, 46 per cent of all new loans were fixed.<\/p>\n

 <\/p>\n

<\/div>\r\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Home lending fell sharply over June following the modest recovery recorded in May, with housing market activity impacted by higher interest rates and the onset of the typically quieter winter selling season. Higher interest rates have added to the impact of strong price growth over the past year significantly reducing home loan affordability and sidelining…<\/p>\n","protected":false},"author":50,"featured_media":159619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54],"tags":[],"class_list":["post-167570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates"],"acf":[],"yoast_head":"\nHome loans fall sharply over June<\/title>\n<meta name=\"description\" content=\"Home lending fell sharply over June following the modest recovery recorded in May, with housing market activity impacted by higher interest rates and the...\" \/>\n<meta name=\"robots\" content=\"index, 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