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First Home Buyers: The 5 facts

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:

  1. First Home Buyers financed loans have dropped by 10% in August at 6,055 compared to the previous month’6,718.
  2. First Home Buyer numbers have remained unchanged for the past decade, despite increases in Median Price and lesser concessions.
  3. 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.
  4. 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.
  5. Median house prices have ballooned by 72% over the past decade.

Read more about this on the Property Observer website.