Time for government to act for first home buyers

First home buyers are calling for more government support to help them get a foot on the property ladder, according to survey on finder.com.au.

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. economy property market grow wealth house dream first home

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.”

Also published on Medium.

Want more of this type of information?


Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au

'Time for government to act for first home buyers' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.



Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...