First Home Buyers are slowly losing hold of the property market as it posted a record low share of 11.8%, according to the Australian Bureau of Statistics.
Here are 5 facts about the current situation of First Home Buyers in the country:
- First Home Buyers financed loans have dropped by 10% in August at 6,055 compared to the previous month’6,718.
- First Home Buyer numbers have remained unchanged for the past decade, despite increases in Median Price and lesser concessions.
- First Home Buyers are having a hard time as the First Home Owners Grant has gone through several changes, the most important of which is adding a cap depending on the value of the property. In 2004, First Home Owners Grant was uncapped.
- If predictions are correct and the interest rates increase next year, repayment for a $300,000 home loan is expected to increase by $300 every month.
- Median house prices have ballooned by 72% over the past decade.
Read more about this on the Property Observer website.