First-time buys safe as houses
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.
Realestate.com.au 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.