First-home buyers hardest hit as housing market stalls and banks tighten credit standards
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Nationals Leader Matt Canavan says tightening lending standards are locking first-home buyers out of the market as home sales and auction clearance rates continue to slump. “The simple fact is fewer homes are being sold now, auction clearance rates are at record lows,” Mr Canavan told Sky News host Paul Murray. “There’s no evidence that first home buyers are now making up a massively disproportionate share of what are fewer homes being sold. “Our banks have got the yips, and they are pulling finance left, right and centre, lowering the amount that can be borrowed, and that is forcing a lot of people out of the market. “The people that are most likely to be forced out of the market with that tightening of credit standards will be first home buyers.”
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