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Mortgage stress has halved - only 2% of homeowners behind on repayments - Genworth; Interest rates have virtually disappeared as a source of mortgage stress
Topic Started: 20 Sep 2014, 12:13 AM (3,082 Views)
Lef-tee
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Chris
21 Sep 2014, 09:51 PM
Of which a fair portion would be grants. I know quote a few FHB and I don't know a single one who has borrowed under $450k, think about it even the 'affordable' suburbs are now $400k minimum.

I think some of the figures thrown around are just rubbish, you can't have a median in places like Sydney that are 700-800k and then believe FHB are getting properties for $350k it's just nonsensical.
I tend to agree, livable homes to the value of that average figure seem pretty scarce in the places where 90% of Australians live and work. If FHBer numbers are truly unaffected and that is really the typical figure then they are getting money from somewhere that isn't being recorded (mum and dad?) Unless they are talking about units. A house tends to be more suited to family living, which is why we moved out of the flat and into a house when we were married.

There does seem to be evidence of FHBers buying units as investments which they intend to hold until there has been enough of a capital gain so they can sell and use that as a deposit for a house. We would never have thought of speculating in the apartment market as a necessary first step in owning a home when I was that age, but times change I guess.

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It is exactly because Fhb have never bought new builds in large number (ie most buy existing) which is why the failure to count Fhb buying existing homes now have such a large impact on the stats.


My point was that once the grant to help FHBers buy pre-existing was withdrawn, their numbers would of course fall statistically but it's likely that they have also actually fallen (not necessarily by the same amount) because the grant was a form of assistance that was suddenly no longer available. The effect would probably be to persuade increasing numbers of them to give up trying to buy a house and instead look at a unit, which is less suitable for those intending to start a family but more affordable.
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