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First Home Buyers Are Still Priced Out. (Read 3328 times)
imcrookonit
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First Home Buyers Are Still Priced Out.
Apr 14th, 2013 at 7:18am
 
First home buyers still priced out     Sad

    by: Kylie Williams
    From: AAP
    April 10, 2013


HOUSING affordability remains a problem across Australia, with many first home buyers still priced out of the market despite recent interest rate cuts.    

The finding was made in the latest snapshot of the local housing market by JP Morgan, which ranks Australia in second place behind Hong Kong for having the world's highest house prices.     Sad

The report's co-author Martin North says that despite the Reserve Bank of Australia's recent slashing of its cash rate, mortgage repayments remain high because the average loan is getting bigger and the major banks have not passed on the RBA's rate cuts in full.

As a result, potential home buyers in major capital cities were being put off from plunging into the property market.

"In some of the major markets, such as NSW and Western Australia, over half the people who want to buy can't because they can't afford to," he said.     Sad


While first home buyers were put off by high house prices, existing property owners looking to buy were wanting to downsize to smaller properties.

The report's fellow co-author Scott Manning said this was causing property prices to remain high as property owners looking to downsize generally did not want another mortgage and therefore would not sell at a lower price.

"We've got a generational shift which will take 20 or 30 years to play out," he said.

"These people have ridden the wave up but someone's got to buy off them."

Mr Manning said the housing market was operating differently across the country.

There was still very significant demand from both first home buyers and investors in Western Australia.

But in Queensland, Tasmania and South Australia existing home owners looking to downsize were driving demand.

Mr Martin said over the next few months he expected home owners who wanted to downsize but get a good price for their properties to drive demand in NSW and Victoria.

First home buyers in NSW and Victoria also expected to buy units, while in Queensland and Western Australia they were more likely to favour houses.

Mr Manning also believed it was likely that the major banks would maintain their current trend of not passing on the RBA's rate cuts in full for another two years.
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Re: First Home Buyers Are Still Priced Out.
Reply #1 - Apr 14th, 2013 at 10:23am
 
maybe labor should pump up the first home buyers grant again Cheesy LOL

of course when the locals can't afford the joints they go looking for cashed up foreigners to buy them, that's why there are now suburbs full of chinese Sad
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longweekend58
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Re: First Home Buyers Are Still Priced Out.
Reply #2 - Apr 14th, 2013 at 3:17pm
 
Quote:
First home buyers still priced out     Sad

    by: Kylie Williams
    From: AAP
    April 10, 2013


HOUSING affordability remains a problem across Australia, with many first home buyers still priced out of the market despite recent interest rate cuts.    

The finding was made in the latest snapshot of the local housing market by JP Morgan, which ranks Australia in second place behind Hong Kong for having the world's highest house prices.     Sad

The report's co-author Martin North says that despite the Reserve Bank of Australia's recent slashing of its cash rate, mortgage repayments remain high because the average loan is getting bigger and the major banks have not passed on the RBA's rate cuts in full.

As a result, potential home buyers in major capital cities were being put off from plunging into the property market.

"In some of the major markets, such as NSW and Western Australia, over half the people who want to buy can't because they can't afford to," he said.     Sad


While first home buyers were put off by high house prices, existing property owners looking to buy were wanting to downsize to smaller properties.

The report's fellow co-author Scott Manning said this was causing property prices to remain high as property owners looking to downsize generally did not want another mortgage and therefore would not sell at a lower price.

"We've got a generational shift which will take 20 or 30 years to play out," he said.

"These people have ridden the wave up but someone's got to buy off them."

Mr Manning said the housing market was operating differently across the country.

There was still very significant demand from both first home buyers and investors in Western Australia.

But in Queensland, Tasmania and South Australia existing home owners looking to downsize were driving demand.

Mr Martin said over the next few months he expected home owners who wanted to downsize but get a good price for their properties to drive demand in NSW and Victoria.

First home buyers in NSW and Victoria also expected to buy units, while in Queensland and Western Australia they were more likely to favour houses.

Mr Manning also believed it was likely that the major banks would maintain their current trend of not passing on the RBA's rate cuts in full for another two years.


that particular problem and practice will end when the weakest treasurer in history is removed not only from office but from parliament.
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Re: First Home Buyers Are Still Priced Out.
Reply #3 - Apr 16th, 2013 at 8:31pm
 
longweekend58 wrote on Apr 14th, 2013 at 3:17pm:
Quote:
First home buyers still priced out     Sad

    by: Kylie Williams
    From: AAP
    April 10, 2013


HOUSING affordability remains a problem across Australia, with many first home buyers still priced out of the market despite recent interest rate cuts.    

The finding was made in the latest snapshot of the local housing market by JP Morgan, which ranks Australia in second place behind Hong Kong for having the world's highest house prices.     Sad

The report's co-author Martin North says that despite the Reserve Bank of Australia's recent slashing of its cash rate, mortgage repayments remain high because the average loan is getting bigger and the major banks have not passed on the RBA's rate cuts in full.

As a result, potential home buyers in major capital cities were being put off from plunging into the property market.

"In some of the major markets, such as NSW and Western Australia, over half the people who want to buy can't because they can't afford to," he said.     Sad


While first home buyers were put off by high house prices, existing property owners looking to buy were wanting to downsize to smaller properties.

The report's fellow co-author Scott Manning said this was causing property prices to remain high as property owners looking to downsize generally did not want another mortgage and therefore would not sell at a lower price.

"We've got a generational shift which will take 20 or 30 years to play out," he said.

"These people have ridden the wave up but someone's got to buy off them."

Mr Manning said the housing market was operating differently across the country.

There was still very significant demand from both first home buyers and investors in Western Australia.

But in Queensland, Tasmania and South Australia existing home owners looking to downsize were driving demand.

Mr Martin said over the next few months he expected home owners who wanted to downsize but get a good price for their properties to drive demand in NSW and Victoria.

First home buyers in NSW and Victoria also expected to buy units, while in Queensland and Western Australia they were more likely to favour houses.

Mr Manning also believed it was likely that the major banks would maintain their current trend of not passing on the RBA's rate cuts in full for another two years.


that particular problem and practice will end when the weakest treasurer in history is removed not only from office but from parliament.


You are so full of crap LW , banks did the same under your god Costello, the main difference is Swan hasn't lost millions playing the fourex market and he hasn't sold off our gold reserves

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John Smith
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Re: First Home Buyers Are Still Priced Out.
Reply #4 - Apr 16th, 2013 at 9:16pm
 
longweekend58 wrote on Apr 14th, 2013 at 3:17pm:
Quote:
First home buyers still priced out     Sad

    by: Kylie Williams
    From: AAP
    April 10, 2013


HOUSING affordability remains a problem across Australia, with many first home buyers still priced out of the market despite recent interest rate cuts.    

The finding was made in the latest snapshot of the local housing market by JP Morgan, which ranks Australia in second place behind Hong Kong for having the world's highest house prices.     Sad

The report's co-author Martin North says that despite the Reserve Bank of Australia's recent slashing of its cash rate, mortgage repayments remain high because the average loan is getting bigger and the major banks have not passed on the RBA's rate cuts in full.

As a result, potential home buyers in major capital cities were being put off from plunging into the property market.

"In some of the major markets, such as NSW and Western Australia, over half the people who want to buy can't because they can't afford to," he said.     Sad


While first home buyers were put off by high house prices, existing property owners looking to buy were wanting to downsize to smaller properties.

The report's fellow co-author Scott Manning said this was causing property prices to remain high as property owners looking to downsize generally did not want another mortgage and therefore would not sell at a lower price.

"We've got a generational shift which will take 20 or 30 years to play out," he said.

"These people have ridden the wave up but someone's got to buy off them."

Mr Manning said the housing market was operating differently across the country.

There was still very significant demand from both first home buyers and investors in Western Australia.

But in Queensland, Tasmania and South Australia existing home owners looking to downsize were driving demand.

Mr Martin said over the next few months he expected home owners who wanted to downsize but get a good price for their properties to drive demand in NSW and Victoria.

First home buyers in NSW and Victoria also expected to buy units, while in Queensland and Western Australia they were more likely to favour houses.

Mr Manning also believed it was likely that the major banks would maintain their current trend of not passing on the RBA's rate cuts in full for another two years.


that particular problem and practice will end when the weakest treasurer in history is removed not only from office but from parliament.


bugger your full of it longlooser ... did not the banks do the same thing with Costello? who according to you was the greatest treasurer since the Romans. It has nothing to do with the treasurer it has to do with corporate greed and the only way to stop that is to legislate against  it. .... the problem with that is that both parties are too afraid afraid of the banks to do so.
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