Rising Land Prices Cut Out FHBs Further

Andrew Wilson pitches in with news about the mad rush for land in the suburbs. This can mean further elbowing out of the first home buyers. Over the year 2014, Sydney’s median residential land price shot up by 19.7%. This is way ahead of the numbers registered by Melbourne and Brisbane.

First home buyers

While detached dwellings shot up by nearly 14% in 2014, they were no match for the rising land prices. The south west Sydney suburb cut blazing fractions with a 25% growth reported in land prices.

Chronic undersupply

While the first home buyers can avail of a grant that entitles them to a rebate of $15,000, it is no big amount if you see the way in which the prices have inflated over the last year. Unless the crux question of undersupply is addressed, first home buyers may feel themselves barred from any active property discussion.

You can read the original article here.

FHB presence at its lowest

In fact, statistically, the stock of first home buyers is at its lowest in last 10 years- with a further fall exhibited in December 2014. The bureau agreed to reporting their numbers erroneously (as some FHBs were registered as investors) but the error does nothing to redeem the fortune of the first home buyers.