It seems that the Australian property market will continue to be dominated by investors in 2014 as first home buyers continue to absent themselves from the market.
Property Observer reported that, according to property expert John Symond, many prefer to rent closer to the CBD of an area or near where they work.
He explained that first home buyers are absenting themselves from the market despite the fact that now is a favourable time for them, due to the fact that interest rates are currently at a 50-year low.
Similarly, Real Estate Institute of Australia has reported on several occasions that first home buyers have been absent from the market. It said this when observing home financial commitments, discussing rate cuts from the Reserve Bank of Australia and when making calls to the federal government to try to make the market easier for first home owners to buy in.
Mr Symond suggested that the government make tax incentives available for first home buyers.
Posted by Ravin Chatlani