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An overwhelming majority of first home buyers (FHBs) who are planning to purchase property within the next two years believe housing is unaffordable in their state, new research has revealed.
According to Mortgage Choice’s annual First Home Buyer Survey, 80.6 per cent of those purchasing property for the first time consider housing to be ‘unaffordable’.
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First home buyers in New South Wales were the most disillusioned about property prices, with 86.9 per cent of survey respondents saying that housing was unaffordable in their state.
Victoria was next with 85.7 per cent of FHBs saying property was too pricey, followed by Western Australia (81.4 per cent), South Australia (76.8 per cent) and Queensland (75.4 per cent).
Mr Flavell said it was time for the federal government to act and introduce measures that would make it easier for first-time buyers to purchase property.
“Our data shows the majority of potential first home buyers would like to see the government re-introduce a grant for established properties,” he said.
“While the various states currently have first home buyer grants in place for those who purchase a newly built property, nothing is given to those buying established properties, which is approximately 80 per cent of all first-time buyers.”
According to the survey, 42.5 per cent of respondents said they would like to see the government introduce a first home owner grant for established properties, while a further 30.6 per cent would like to see the government remove stamp duty for first-time buyers.
“With property prices rising steadily across most markets, a lot of first-time buyers are finding themselves priced out of the market,” he said.
“Now we have a new prime minister in place, I would like to see the plight of first-time buyers receive the attention it deserves.”
[Related: Housing affordability gap widens]
