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More Pressure on First Home Buyers

Posted: March 28th, 2014 | Author: | Filed under: Australian Home Prices | Tags: , , , , , , | Comments Off on More Pressure on First Home Buyers

More Pressure on First Home BuyersLatest figures from the Housing Industry Association – HIA –  suggest it will become even harder for first-time buyers to enter the housing market, according to the report affordability has waned, and 2014 is likely to see further gains in residential property prices, locking out more first timers.

The HIA’s Affordability Index eased by 0.5 per cent in the December quarter, as the impact of previous interest rate cuts declined. Hobart reported the biggest fall of the capital cities, with a 9.2 percent drop. That was followed by Sydney, down 4.4 percent, Perth, 2.5 percent, the ACT 1.2 percent and Brisbane 1 percent.

However affordability in both Melbourne and Adelaide rose by 5.5 percent during the quarter, the HIA report suggests that addressing the supply of affordable housing is one of the most prominent policy challenges facing all levels of government. In a separate report, population growth has also put pressure on housing affordability :: Read the full article »»»»

First Home-buyers Priced Out

Posted: December 13th, 2011 | Author: | Filed under: Australian Home Prices, Real Estate News | Tags: | Comments Off on First Home-buyers Priced Out

The Age - First Home-buyers Priced Out

One of our favorite Property Watchers – Chris Vedelago from The Age – has a super neat piece on first home buyers. Vedelago says despite one of the worst property slumps in two decades, many first-home buyers are finding it harder than ever to enter the market, with research showing they need at least $100,000 after tax to buy in half of Melbourne’s suburbs.

The research, commissioned by The Sunday Age, has been labelled ”staggering” by housing advocates, who say Melbourne’s long-term problem with affordability is a threat to the economy. It paints a bleak picture for average income earners still hoping to get a foothold on the property ladder, with price rises in the lower end of the market bucking the overall price-slide trend. This is locking many families out of home ownership anywhere except on the far edges of the city’s urban fringe. READ MORE

source: the age

Smart Company: Real Estate Lobby Seeks Canadian Style First Home Owner Scheme

Posted: November 23rd, 2011 | Author: | Filed under: Australian Home Prices, From The Web, Real Estate News, Renovation News, Renovation Planning | Tags: , , , , | Comments Off on Smart Company: Real Estate Lobby Seeks Canadian Style First Home Owner Scheme

Real Estate Lobby Seeking Canadian Style First Home Owner Scheme

The Real Estate Institute of Australia is urging the government to adopt a successful Canadian scheme that allows first-home buyers to tap into their superannuation to assist with making their first purchase.

The Canadian Home Buyer’s Plan has been in operation since 1992 and allows first-home buyers to withdraw up to $25,000 from their retirement savings plan to purchase or build a home.

The scheme has proven popular, with nearly 1.4 million Canadians withdrawing money from their retirement savings to participate in the plan between 1992 and 2004. During this period, over 12% of Canadian first-home buyers aged 25 to 44 used the scheme.

READ MORE: www.smartcompany.com.au