Tougher conditions for first-time buyers may be good news for owners of Australian property looking to enter the rental market.
The affordability of housing in Australia has worsened during the past 12 months, with first-time buyers now required to save around ten per cent more for a deposit, a new report has found.
According to the analysis by Bankwest, Australian homebuyers now typically need to raise a deposit of $85,800 (£47,619), compared with $78,100 a year earlier.
This could potentially benefit those investing in Australian property with a view to entering the buy to let market, as would-be homebuyers may increasingly turn to renting.
Vittoria Shortt, chief executive of Bankwest Retail, commented that a growing proportion of first-time buyers were being "locked out" of the market, while established property owners continued to benefit.
She said: "This is the stark reality of a strong Australian property sector."
Last month, Tim Lawless, director of research for RP Data, suggested that Australian property was starting to cool down, as two consecutive months of single-digit gains pointed to slowing market growth.
Posted by Steve Douglas
The affordability of housing in Australia has worsened during the past 12 months, with first-time buyers now required to save around ten per cent more for a deposit, a new report has found.
According to the analysis by Bankwest, Australian homebuyers now typically need to raise a deposit of $85,800 (£47,619), compared with $78,100 a year earlier.
This could potentially benefit those investing in Australian property with a view to entering the buy to let market, as would-be homebuyers may increasingly turn to renting.
Vittoria Shortt, chief executive of Bankwest Retail, commented that a growing proportion of first-time buyers were being "locked out" of the market, while established property owners continued to benefit.
She said: "This is the stark reality of a strong Australian property sector."
Last month, Tim Lawless, director of research for RP Data, suggested that Australian property was starting to cool down, as two consecutive months of single-digit gains pointed to slowing market growth.
Posted by Steve Douglas
