Latest property figures bad news for some first home buyers

PHOTO: Image: Getty

Australia’s sliding property market may have been watched with horror by home owners, but for those aching to enter the market, it offered a sliver of hope.

However, new research released by property analytics firm CoreLogic reveals that hope may have been misplaced.

Throughout the 2018-19 financial year, the share of home sales transacting for less than $400,000 across capital cities remained largely unchanged from the year before, despite the property market as a whole sliding 8.7 per cent for houses and 5.9 per cent for units.

“Throughout the 2018-19 financial year, 26.0 per cent of all houses sold nationally were under $400,000 and 32.5 per cent of all unit sales were under $400,000,” research analyst Cameron Kusher said.

To put that into perspective, the year before, the share of units selling for less than $400,000 was slightly higher at 26.3 per cent, and the share of houses selling for less than $400,000 was only 31 per cent.