First Home Buyers Reach 8 Year High
Positive news for the young constituents in Sturt looking to buy their first home has been announced as first home buyer loan approvals reach the highest number since 2009, with over 100,000 approved in the last financial year alone.
The dynamic of the housing market has also changed, shifting from investor-led growth to now owner-occupier led growth, with first home buyers being a greater proportion of the overall housing market and number of housing buyers.
This recent improvement in first home buyer activity has been driven by a number of factors, including the Liberal National Government’s plan for a stronger economy and the creation of over 1.2 million jobs.
As the foundation for buying a first home, employment for young Australians has risen to the highest number on record, with more than 100,000 young Australians getting a job last financial year.
This record employment level for young Australians means that the future is looking bright for first home buyers, and it is great to know that young people in Sturt will be able to benefit from these positive employment and housing conditions.
Over the last year, the Coalition Government has introduced a number of initiatives that have also played an important role in supporting people buying their first home.
In the Reducing Pressure on Housing Affordability 2017-18 budget package, the Government announced a number of successful measures such as the Frist Home Super Saver Scheme and incentives for older Australians to downsize and put proceeds of sale into their super.
The Coalition Government is also ensuring that there is more land being released, particularly in regard to land owned by the Commonwealth Government, so that we can increase the areas available for housing growth.
Our plan for the economy will deliver improved affordability and access to housing by unleashing supply, assisting first home buyers to build a deposit through super, and incentivising more private investment in affordable housing.
All of these initiatives and more are being delivered through fiscal discipline and while returning the budget to surplus.
This positive news for first home buyers also makes it clear that this is not the time for Labor’s new housing taxes, which independent experts declare will damage market confidence and weaken investor demand.