Property Brief - April 2023

The number of applications for new home loans staged a marginalrecovery in Q1 2023, but were 21% lower year on year. The number of new home loan applications has dropped nearly 6% since Q1 2020 (before the Covid-19 pandemic). This is the effect of the Reserve Bank Monetary Policy Committee raising interest rates consistently since November 2021, with resultant pressure on the economy, in general, and the property sector, in particular.