Sydney affordability – an oxymoron?
This month there has been a fair bit focus on affordability in the property press, possibly at least partially as a result of the launch of the new home owners scheme. The Real Estate Conversation discusses data coming out of the scheme which shows that a home deposit has indeed been the hump holding back many younger people from home ownership. TREC quotes a percentage of 76%, for applicants of the scheme thus far that are 18-34, and that a third of all applicants were 25-29 years old – far and away the largest segment.
Having said that, information from Core Logic discusses the change in purchaser dynamics between the two timespans of Feb 2012 – Oct 2017, and June 2019 – Nov 2019 (i.e. the latter having completed before the start of the first home owners scheme). The data shows that the percentage of first home buyers had already grown substantially then (but doesn’t discuss whether a decrease in investor purchasing has perhaps skewed owner-occupier statistics).