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ResidentialStaff WriterWed 11 Mar 15

All Up In QLD and WA: Gen Y First Home Buyers

E

New research from Mortgage Choice has shown the level of first home buyer activity differs dramatically from state to state.

According to Mortgage Choice’s recent new home loan approval data, Queensland and West Australian first home buyers accounted for almost one in five loans written throughout the month of February.

By comparison, in New South Wales, first home buyers accounted for less than one in every 20 loans written.

Mortgage Choice spokesperson Jessica Darnbrough said there are many reasons why first home buyer numbers differ from state to state.

“New South Wales has the smallest percentage of first home buyers entering the market. That said, this is largely unsurprising when you consider that the state’s capital, Sydney, boasts the country’s highest median dwelling price. New research conducted by RP Data shows Sydney’s median dwelling price is currently $680,000 - $150,000 higher than its nearest rival Darwin,” she said.

“In addition, New South Wales no longer offers grants or stamp duty concessions to those first home buyers purchasing an established property.”

On the flipside, Ms Darnbrough said Queensland’s capital city of Brisbane boasts a much lower median dwelling price ($452,000) as well as certain stamp duty concessions for those first home buyers looking to purchase an established property.

“Our research shows more than 70% of first home buyers who purchased their property within the last two years bought an established dwelling. As such, it is isn’t surprising to see first home buyer participation stronger in the states that not only offer concessions or grants to those looking to purchase an established dwelling, but those states boasting a lower median dwelling price,” Ms Darnbrough said.

Looking across the states, New South Wales had the lowest first home buyer participation rate, with this buyer segment accounting for just 3.85% of all loans written in February. South Australia wasn’t far behind, with first home buyers making up 4.68% of all loans written.

But while first home buyer participation was low in New South Wales and South Australia, the story was a little different in Victoria, Queensland and Western Australia, which boasted participation rates of 16.99%, 17.00% and 19.57% respectively.

“On average, our data shows first home buyers account for just over 12% of all loans written – down from 16% in 2014,” Ms Darnbrough said.

 

ResidentialAustraliaSector
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Article originally posted at: https://theurbandeveloper.com/articles/all-up-in-qld-and-wa-gen-y-first-home-buyers