FHBA Market Update: 5 June 2017
Are first home buyers finally going to get the upper-hand in Australia’s tough property market?
There are plenty of positive signs to suggest the rise of the first home buyers is about to unfold and given our organisation’s goal is to help more Australians own their first home, we are very happy to see these changes on the back of our lobbying efforts.These positive signs include:
- Softening of property prices in many of our capital cities over the last few months;
- Slight decreases in auction clearance rates in recent weeks;
- Increased first home buyer government incentives for Australia’s two most expensive states, NSW and Victoria commencing from 1 July;
- A new national scheme to help Australians save a deposit sooner from 1 July (First Home Super Saver Scheme);
- Toughening conditions for local and foreign investors due to tougher lending rules and changes to several taxes
Everyone’s circumstances are naturally different, but we do hope more Australians will achieve their great Australian dream in the period ahead and we hope we can be a part of your journey with our market leading services first home buyers.
Enjoy reading the rest of our weekly FHBA Market Update!
First Home Buyer News
- NSW first home buyers set to get stamp duty relief – Last week the NSW government announced that (subject to passing into Law) eligible first home buyers of both new and established homes will receive stamp duty relief from 1 July 2017 – see the concessions announced by the government in FHBA News
- Just 11 suburbs are affordable for Sydney first timers – FHBA co-founder Taj Singh spoke to Domain last week about the newly released ‘First Home Buyers Report’ by the Domain Group which showed just 11 suburbs are deemed to be affordable for first home buyers in the greater Sydney area – see Taj’s interview and the 11 suburbs in Domain
- 92 suburbs are affordable for Brisbane first timers – In comparison to Sydney, Brisbane has many more affordable suburbs for first home buyers according to the ‘First Home Buyers Report’ – see the suburbs and FHBA co-founder Daniel Cohen thought’s on the Brisbane market in Domain
For other capital cities please see your local Domain article.
Capital City Property Prices Movement – as at 29/May/2017
Updated daily, The CoreLogic Daily Home Value Index show’s how property prices have been changing in our largest capital cities over the last 12 months:
- Adelaide: 489.01 (Qtr + 2.5% / Yr + 3.4%)
- Brisbane: 555.70 (Qtr + 1.3% / Yr + 3.8%)
- Melbourne: 890.43 (Qtr + 0.2% / Yr + 11.8%)
- Perth: 571.35 (Qtr – 0.2% / Yr – 2.0%)
- Sydney: 1093.90 (Qtr – 0.6% / Yr + 11.3%)
(Source: CoreLogic)
Preliminary Weekend Auction Clearance Rates (03 – 04 June 2017)
Source: CoreLogic
Interest Rates Update: 5/June/2017
Tomorrow the Reserve Bank of Australia (RBA) will hold it’s June board meeting to review the official cash rate. Stay tuned to FHBA News tomorrow for their decision and how it impacts you.
- Compare a range of high interest savings accounts
- Compare a range of home loan rates
- Speak to a home loan expert
New Homes of the Week (edition 57)
These are our top picks for First Home Owner Grant (FHOG) eligible properties this week! They are based in some of the more popular regional centres of Australia!
New South Wales new home of the week
Queensland new home of the week
South Australia new home of the week
Western Australia new home of the week
Rockhampton is home to our favourite Queensland new property this week
Tweet of the Week
After previously cutting support for first home buyers when she was treasurer, @GladysB is now going to help them.#nswpol #ausproperty https://t.co/4E6yKDD6GD
— Daniel Cohen (@DanielPCohen1) June 1, 2017
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Written By,
First Home Buyers Australia
