Demand for home loans has sank to levels not seen since 1982, as high interest rates, the soaring cost of living and the financial crisis weighed on borrowing activity.
According to RBA data released yesterday, home loans grew by just 0.4 per cent in August.
The RBA’s data also showed that Australian households’ financial positions have deteriorated considerably since the beginning of the year as a result of sharemarket losses and weaker house prices.
Australian households’ net worth fell by 4.9 per cent in the first six months of the year – or $244 billion.
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