 What is the solution to housing affordability issues?
Number of first home buyers in Queensland has been thinning, which recently recorded its lowest in six years.
Records of the Australian Bureau of Statistics in March reveals that first home owners in Queensland now only represent 13 per cent of the market. This figure is much lower than in both New South Wales and Victoria where properties are more expensive.
If compared to the number of Queensland first home buyers during the same month last year, the current figure is 60% lower.
According to Real Estate Institute of Queensland managing director Dan Molloy the data tells how much effort is needed for Queensland residents to own their first home.
“With six rate increases since October, they are really back to where they started with declining housing affordability all but locking them out of the market,” Molloy observed.
Stamp duty concessions are offered to Queensland first home buyers, but no “extra State-funded first home grants" are available, two helpful government funds given in New South Wales and Victoria.
Molloy mentioned that it is important for the Queensland Government to take in hand this issue of housing affordability in its budget in June.
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