The Sydney Morning Herald reports a forecoming $14 billion decline in mortgages written over the next 12 months as the first home buyer frenzy gets watered down.
The value of mortgages written fell $3 billion or 6 per cent in the September quarter as the full value of the boost came to an end. Much of the growth in the value of mortgages was attributable to the first home buyer’s BOOST.
» End of boost to hit mortgage market – The Sydney Morning Herald, 14th December 2009.
» Australian housing market heading into hole – The Courier Mail, 14th December 2009.