According to a recent Mortgage Choice survey, more than 80% of first home buyers who are planning to purchase property within the next two years believe housing is unaffordable in their state. With the percentage of first home buyers who consider housing to be unaffordable significantly higher in New South Wales and Victoria than in Queensland and South Australia.
Data from the Australian Bureau of Statistics shows the average home loan has grown almost four times faster than the average Australian full-time wage in the past two years.
According to the data, the average home loan grew by 18.5% in the two years to April 2015 – from $301,800 to $357,500. Meanwhile, the average Australian full time wages grew just 3.6% from $77,225 to $80,054.
Our data shows that the majority of potential first home buyers would like to see the government re-introduce a grant for established properties.
While the various states currently provide first home buyer grants for newly built propery, nothing is given to those buying established properties, which is approximately 80% of all first home buyers.
According to the survey, 42.5% of respondents said they would like to see the governement introduce a first home owner grant for established properties, while a further 30.6% would like to see the government remove stamp duty for first home buyers.
If you would like to learn more about your home loan or financial needs, call us on (03) 8602-6777 or contact us online.