Franchise brokerage Mortgage Choice’s annual First Home Buyer Survey has found 64.4% of first home buyers who purchased within the last 24 months would have bought sooner had they received more financial assistance.
In addition to this, 57.3% of respondents to the survey said the government did not provide an adequate level of support for first home buyers.
The survey also found that 47.4% of respondents would like to see stamp duty fees abolished for first home buyers, while 35.5% said they would like to see grants for established properties re-introduced.
Mortgage Choice chief executive John Flavell said rising property prices were making the market less accessible for first home buyers.
He pointed to 11.3% house price growth in Sydney last financial year, and 11.5% growth in Melbourne.
“Sydney currently boasts a median dwelling price of $775,000, while Melbourne’s median property price is $585,000,” he said. “
Across Australia, there is only one capital city that doesn’t boast a median dwelling price above $400,000.
With that said, it is easy to see why so many first home buyers struggle to get a foot on the property ladder.”
Flavell said saving a deposit was becoming increasingly difficult for first home buyers, and called on the government to act.
“The government has actively spoken about the ongoing issue of housing affordability in a lot of public forums, but while there is a lot of talk about housing affordability and its impact on the broader community, there is next to no action.
I believe the time for political grandstanding has come to an end and it is now time to act.”