PHOTO: Australian first home buyers
First home buyers are dominating the Australian real estate market in a manner not seen in more than a decade — blowing away years of complaints about housing unaffordability.
As our property market continues to rebound from the coronavirus pandemic, figures provided by the Real Estate Institute of Australia reveal first home buyers make up a greater percentage of property owners than they have since 2009.
According to the REIA Housing Affordability Report: “[Over the September quarter] the number of first home buyers increased to 36,687, an increase of 36.1 per cent during the quarter and compared to the September quarter 2019.
Leah de Jacobi du Vallon and Sam Forssman are friends and first home buyers who have bought neighbouring units in Norlane, Geelong. picture: Glenn Ferguson Source: News Corp Australia
“First home buyers now make up 40.8 per cent of owner-occupier dwelling commitments, which is the highest since September 2009 where it reached 43.1 per cent.”
It is also the largest quarterly increase in first home ownership since 2010.
The boom in first home buyer comes as good news to those who have struggled for years to afford their own place, and also to state and federal governments whose moves, such as grants and incentives, to address the issue of housing unaffordability is clearly working.
The federal government is also leaning on the real estate and construction industries to lead the way out of our COVID-19-enforced recession.
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