Real Estate & Home

Government homebuyer scheme 'washed out' as rate hikes hit home

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First-home buyer loan demand in Australia has declined by 9.2% year-over-year due to recent Reserve Bank interest rate hikes, despite the government's efforts to support home purchases with a broader deposit scheme. This trend particularly affects younger buyers and highlights the struggle of maintaining homeownership aspirations amid high borrowing costs. Developers' reluctance to proceed with new projects further exacerbates supply issues, potentially prolonging market recovery until at least 2027.

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