First-time buys safe as houses

The Daily Telegraph (Sydney) - - News - OWEN ROBERTS

THERE’S a sil­ver lin­ing to Syd­ney’s plum­met­ing prop­erty prices, with peo­ple pre­vi­ously priced out of the mar­ket now get­ting a foothold.

Data pro­vided ex­clu­sively to The Sat­ur­day Daily Tele­graph re­veals nearly twothirds of first-time buy­ers feel home own­er­ship is closer now than 12 months ago.

On top of that, 69 per cent said they were more pos­i­tive about the over­all mar­ket, ac­cord­ing to the West­pac 2018 Home Own­er­ship Re­port.

The bank’s head of home own­er­ship Lau­ren Fine said a softer mar­ket had pro­vided first-timers with the op­por­tu­nity they have been wait­ing for.

“If you con­sider they have been shut out of the mar­ket for so long, it’s great to see them find­ing their own voice,” Ms Fine said.

“I think it shows de­ter­mi­na­tion and re­silience on the part of peo­ple who want the Aus­tralian dream of home own­er­ship, and de­spite their cir­cum­stances, they are will­ing to get in and do what is needed to make it work.”

In NSW there has been more than a 70 per cent in­crease in first home­buyer fi­nance ap­provals over the past 12 months. This has largely been spurred by a 7.4 per cent drop in prices city­wide, per the CoreLogic He­donic In­dex, a de­cline in in­vestor num­bers and changes to stamp duty that came into ef­fect in July last year. chief econ­o­mist Nerida Con­is­bee (pic­tured) said buy­ing con­di­tions for first-home buy­ers were cur­rently at their best point in a decade.

“Look­ing at where we were last year, which were some of the worst con­di­tions we have seen, now is much more con­ducive for first-home buy­ers,” Ms Con­is­bee said.

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