ABS Figures Show First Home Buyer Market Collapsing

Interest rates have increased seven times since the beginning of October 2009 – from 3 per cent then, to 4.75 per cent, now.

Australian Property Monitors senior economist Andrew Wilson told the AFR a spike in property investment following years of first-home owners grants, created a spike which pushed property prices higher that year.

“We are now in a period of adjustment because a lot of the buyers who would have been buying now have already bought because of the boost,” Dr Wilson said.

 

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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