Property

Australia’s largest mortgage broking group is warning recent first homebuyers are most at risk of being trapped owing their bank more than their home is worth as property prices plunge.

It may sound dramatic, but the numbers make it difficult to conclude anything other than this: housing confidence is heading towards a cliff.

Mortgage applications from first homebuyers are in the worst freefall since 2022 and sales of brand new homes have tanked, calling into question Labor’s Budget plans to boost housing supply.

The typical homeowner in one Australian state is $32,700 poorer as a result of interest rate rises and Labor’s Budget tax changes, which are denting consumer sentiment again.

Treasurer Jim Chalmers shouldn’t be taken seriously when he claims Labor’s ‘really important reform’ on property taxes will help young people buy their first home.

Suburbs more likely to vote One Nation across the country have one major surprising factor in common during Australia’s housing downturn.

Administrator Stephen Longley said 350 staff at the company’s head office face immediate dismissal if funding can’t be found to keep the business going, throwing into turmoil 219 housing and apartment projects.

Australia has finally stopped falling behind on a major housing target — but one major bank is warning a price drop looms for two capital cities.

STEPHEN JOHNSON: Tenants are set to pay a lot more for rent as Labor’s Budget tax changes discourage future property investment.

The move would reduce affordability and security problems for renters across the country.

Treasurer Jim Chalmers has backed Treasury’s call that house prices will keep climbing over the next couple of years, even as the downturn deepens and major banks tip further falls.

’I was strategic with the amount. I didn’t want it to be something that I noticed.’

This three-bedroom, two-bathroom property looks like a steal, but with ‘a little more emotional trauma’.

AARON PATRICK: Allowing new homes to be built is one thing. Changing the tax rules and pushing down prices is another. Mr Albanese is changing the country. Investors are being forced to adapt.

Q+A: Plan to rent out your home when you buy a new place? There’s one capital gains tax problem to consider, especially considering Perth’s still red-hot property market.

House prices are now falling in two Australian cities, with the first monthly decline in three years hitting some of the nation’s strongest performing markets.

A broker says borrowers should challenge their lender to avoid missing out on a mortgage rate cut.

The sudden decline in residential property sales across Australia means that lenders are scrambling to generate new mortgage business.