Home Loans & Mortgages

Why First homebuyers aren’t buying? Affordability!

During the last 10-year period, house prices have risen highest in Perth and Brisbane, where home prices for a new home have nearly trebled over the past decade. That is making homes unaffordable for first home buyers. Especially with talk of higher interest rates

In the year to May, building approvals were up a quarter on last year, which had, as you recall a terrible time with property investors leaving for the stock market greener pastures, and until the First Home Owners Grant was trebled for new home construction for a short time.
The one ray of sunshine to pierce the gloomy building approval scene was that private home approvals were up. This contrasts with a 20% fall in apartments and townhouse [medium and high density housing development] approvals at the same time, making things look worse that they might be.