residential property
THE number of first home buyers (FHBs) aiming for a 20% deposit has fallen again in 2022 as affordability remains a key barrier to getting into the market, while fewer FHBs are expecting support from the bank of mum and dad....
Fewer FHBs are expecting support from the bank of mum and dad. The report shows that 62% of recent FHBs – those who bought in the last 24 months – were offered assistance from parents or family, but only 43% of prospective FHBs – those looking to buy in the next 24 months – expect the same. “We understand the impacts that housing affordability issues, climbing interest rates and rising inflation are having on so many Australians today,” Helia CEO Pauline Blight-Johnston said.
In a bid to make the market more accessible, the NSW government has just passed legislation that allows FHB to choose between paying a heavy stamp duty or a land tax.