The housing industry has warned a cut in migrant numbers could force the Reserve Bank into slicing interest rates to prop up a struggling property market | swrighteconomy
The housing industry has warned a cut in migrant numbers could force the Reserve Bank into slicing interest rates to prop up a struggling property market that is already facing a 15 per cent drop in new home starts this year.
But HIA chief economist Tim Reardon said there had been a sharp drop-off in starts through the later stages of last year which was continuing into 2019. "The downturn in the level of home building activity will be contained to the next two years, as long as migration policy is not tightened further," he said.
Commonwealth Bank economist Gareth Airs said lending to investors and owner-occupiers was in decline, adding that internal bank lending data pointed to continuing falls this year.
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