first home buyers are starting to lose all faith in the property market, as a report reveals that almost a quarter of first home buyers have entirely given up on buying property.
The First Home Buyer Report released by realestateview.com.au found that 24% of those surveyed had thrown in the towel due to high house prices.
The report also claimed that 57% of first home buyers in Australia were between 30-40 years of age and just 25.7% were under 30 years of age.
Spokeswoman Petra Sprekos told News Ltd
that many were making additional contributions to super or buying shares instead.
“We know that house prices have played a significant role in this in the last 12 months in particular,” she said.
“The other factor with the increasing ages is the lifestyle changes. We used to see people buy a house and then have kids, now we are seeing 50 per cent of first-home buyers have kids.”
Statistics released by RP Data yesterday revealed that housing values across Australia’s capital cities increased by 9.3% over the 12 months to September. According to the data, every capital city experienced rising house prices over the same period. Sydney prices rose the most (+14.3%) while Canberra had to most modest increase (+1.7%).