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‘Wider economy’ at risk as construction loans hit 15-year low

Michael Bleby

Loans for the construction of new homes sank in January to their lowest level since the global financial crisis, as builders try to stimulate a housing market that is still busy but which is heading closer to a slump each day.

Newcastle-based NXT Building Group, the country’s second-largest – which operates McDonald Jones and MOJO brands in NSW – says deposit levels on new homes are less than half of what they were a year ago.

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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com

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    Original URL: https://www.afr.com/property/residential/wider-economy-at-risk-as-construction-loans-hit-15-year-low-20230303-p5cp40