Data from the Australian Bureau of Statistics show a shocking rise in First Homebuyers for December of last year, despite increasing house prices. The number of First Homebuyers increased by 2.8%, the highest it has been over the year.
Home loan prices have ballooned to $344,000 from $322,000 in November, showing that First Homebuyers are slowly coming back to the market – but at a more expensive price. In Sydney, finding properties around $400,000 will be difficult, as the capital city has a median price of $763,169, increasing by 14.3% over 2013.
First Homebuyers have become cautious lenders despite the low interest rates, as fears of an interest rate hike in the year can negatively impact their purchases.
Read more about this on the Sydney Morning Herald website.