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First home buyers are racing to buy — but rising prices make home ownership ‘further out of reach’
First home buyers are helping prop up the property market during a pandemic — but a feedback loop is emerging where rising prices are simultaneously making it harder than ever for some to buy their first home.
Key points:
- Home loans for first home buyers are at their highest level since 2009
- Some first home buyers are taking advantage of low interest rates and government schemes
- Prices are rising despite downturn predictions which makes it harder for lower income buyer
Despite initial predictions that property prices would dive, the exact opposite is happening one year on from the emergence of COVID-19.
Analysts say this is happening due to a combination of record-low mortgage rates, a strong economic recovery, and buyer demand being strong…
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