First-homebuyer mortgage applications have plunged by 20% in a year, marking their sharpest fall since 2022 as sales of newly built homes also decline.
The downturn has raised questions over Labor’s Budget plans to increase housing supply, with weaker demand from prospective first-time buyers adding to pressure on the new-home market.
Mortgage applications from first homebuyers are now in their worst freefall since 2022, while sales of brand new homes have “tanked”, according to the figures.
The figures cast doubt on whether the Government’s Budget measures will achieve their aim of boosting the supply of housing.
