How first home buyers are being shut out

First home buyers are renting longer to save for deposits, and despite recent rate cuts now make up the lowest proportion of owner-occupier finance commitments in over nine years.

The Australian residential property market has recently been showing signs of improvement. Investors and changeover buyers are being drawn back to the market following interest rate cuts and the positive outlook for housing. However, first home buyers are being totally left out of the equation due to a number of reasons – stamp duty, the size of deposit required and the ability to save for it, and unemployment and underemployment concerns.

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