While the number of first-home buyers has increased significantly throughout Australia, Sydney and Melbourne remain challenging points of entry for such buyers, according to the September quarter edition of the Adelaide Bank/REIA Housing Affordability Report.
“Housing affordability is still a major issue in Sydney and Melbourne, but there are some bright spots in the latest report from the other capitals that are also worthy of note,” said Darren Kasehagen, head of business development and strategy at Bendigo and Adelaide Bank.
“First-home buyer numbers are strong in NSW with a 57.7 per cent increase for the quarter or 70.9 per cent year-on-year, and very solid in Victoria with 32.2 per cent for the quarter and 33 per cent year-on-year.
“The increase in housing affordability across all states and territories is to be welcomed and is reflected by heightened activity in the number of first-home buyers coming back into the market.”
Also read: Conditions improve for first-home buyers in NSW and VIC
Throughout Australia, the number of first-home buyers has increased in all states and territories over the September quarter, with the average home loan amount holding steady at $319,500.
The number of first-home buyers has risen to 28,919, an increase of 22.8% during the quarter, and an increase of 32.6% compared to the same time last year.
Collections: Mortgage News
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