Despite a slight increase in housing financing commitments for January, figures released today for February confirm that higher interest rates are curbing demand for home loans.
According to the ABS, the total value of dwelling commitments fell 7.1 per cent in February, seasonally adjusted, to total $21.500 billion.
A fall in the value of financing for investment properties was the chief driver of the result, falling by 9.5 per cent to $6.553 billion, seasonally adjusted.
The total value of financing for owner-occupied housing commitments also fell by six per cent to reach $14.947 billion, seasonally adjusted.
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