Sydney Today, March 3, Australian Eastern Time, in the face of the weakening economic situation and the increasingly slim desire to cut interest rates, some new home buyers and investors began to withdraw from the property market. The outlook for the Australian property market is not optimistic.

According to data released by the Australian Bureau of Statistics yesterday, due to seasonal adjustments, the approval rate for home mortgage loans fell by 7.1% in January. Economists predict that the approval rate for home mortgage loans this month will drop by 1%. The debt of new housing fell by 6% over the same period. As most Australians began to cut back on food and clothing and cut expenses to avoid debt, the loan approval rate for property owners fell by 1.2% in January.

These data all show that the current real estate market in Australia is sluggish, the transaction volume of major capital cities has fallen, and the number of new houses on the market has decreased. According to the Australian Bureau of Statistics, overall, the total value of the housing market fell by 2.3% to 207.32 billion yuan. Affected by the Bank of Australia’s two interest rate cuts in November and December last year, borrowers expect the central bank to continue its interest rate cut policy this year. However, the central bank decided to keep interest rates unchanged after weighing the prosperity of the mining industry, improving the international situation and the development of the housing industry. Disillusioned many borrowers. (Wendy)

Original: http://smh.domain.com.au/real-estate-news/new-buyers-investors-shun-housing-market-20120313-1uxl5.html