Concerns for the decline of first home owners have prompted calls for debate over housing affordability.
While the property sector is enjoying low interest for the past several months, first home buyers have shown skepticism in property investments, as shown by the record low 6.8% loan for New South Wales in September, reeling from the May 2009 figures of 34%. For this month alone, first home loans have dropped by 12.5%.
Property prices in Sydney have increased by 13.2% for this year, showing strong demand for property investors yet unappealing to first home buyers. In an effort to entice first home owners, the federal government has axed the National Housing Supply Council to lower down housing costs.
Read more about this on the Central Midlands & Coastal Advocate website.