First-home buyers enjoyed a brief bonanza with the new construction boom. But now asset-rich investors are once again piling into the market.
The government’s successful HomeBuilder program helped drive housing investment to a record high, with loan commitments topping $30 billion in March, data released yesterday from the Australian Bureau of Statistics shows.
But the end of the program and surging house prices are setting the stage for a surge in housing inequity.
In May last year housing lending was down to $16 billion. In June the government announced its HomeBuilder package for the construction sector, and it has been wildly successful: housing finance first returned to pre-pandemic levels and by the final quarter of 2020 was hitting all-time record highs.
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