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Australian Property Investor Magazine

From the building industry to renters and first home buyers, historic lows for building approvals and home loan lending are wreaking havoc across the country.

The building industry that was hit so hard in 2022 is faring no better in 2023, with a raft of numbers painting a bleak picture for the sector and having a contagion effect throughout society.

Building approvals for houses have hit a ten-year low, new owner-occupier first home buyer loan commitments are at a six-year ebb, new housing loan commitments slumped another 5.3 per cent in January and is now 35.0 per cent lower than a year ago.

Beyond the numbers lie a string of casualties awaiting to fall like dominoes as the Reserve Bank of Australia continues its relentless fight against inflation by continually raising interest rates.

To read the article in full, including comments from UDIA WA CEO Tanya Steinbeck, click here.

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