PHOTO: Liverpool, Westmead, Campbelltown, Blacktown and Parramatta are Sydney’s most popular markets for first home buyers
SYDNEY’S property prices have been falling yet first-home buyers have been taking out higher home loans.
First-home buyers in NSW are now borrowing $391,700 on average, which reflects a 6.1 per cent annual increase, according to the latest ABS housing finance figures. This is intriguing.
Some prospective investor buyers have lost their enthusiasm and some existing investors are quietly bailing out given the prospective of higher repayments once they must convert their interest only loans back to principal and interest.
Meanwhile emotionally charged first timers have been entering the market buoyed by last year’s expansion of generous first-home buyer concessions.
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