Melbourne’s first home hopefuls are dropping out of the property market as interest rates rise.
New loans to first home buyers in Victoria fell to their lowest level since April 2019 — when the market was last in a downturn — this July, the latest month for which Australian Bureau of Statistics figures are available. BLVD Finance director and mortgage broker Daniel Koutzamanis said the end of government incentives such as HomeBuilder had reduced demand for new homes.“During COVID with all the government stimulus around HomeBuilder and other grants, it brought a lot of people forward with purchasing a home … and brought a lot of people who were out of the market back in,” Koutzamanis said.
“We’re probably looking at fixer-uppers or something that’s small - just to get a foot in the door and then upgrade,” he said. “We’ve been looking at two-bedroom apartments and ideally, being a landscaper, I’d like something with a garden.”
We'll, it had to end. How many years did folks expect the 'profits' from home inflation to continue? Low job security, suppressed wages, and too much capital thrown at unproductive assets means shrinking economy and lower standard of living for most.
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No parental support in this market is the biggest reason for reduced numbers that I see. In good markets they're there pushing, now they're unsighted.