Another stocking filler this week …. busy, busy, busy with consultancy work.
The table shows fewer first home buyers in the mix. Accelerating dwelling prices has made buying a home expensive, and now with rising interest rates, prohibitive.
For mine – and despite what government incentives are on offer – first home buyers’ interest will decline further over coming years. Many buyers, including first timers, brought their buying decisions forward over the past 12 to 18 months.
It is not until we see immigration rise – and then only after a few years of elevated overseas migration – will first home buyers rise up the pecking order.
Investment interest is largely steady, with a 20% market share of the established market and 30% of the new housing space.
One of the things further exhausting the rental housing supply is that some 50% of the homes listed for sale across Australia at present are being sold by investors, whilst investors represent between 20% to 30% of buyers.
This dislocation is more noted in regional markets, where investors represent some 75% of those selling, yet investor buyer interest is much lower, at around 35%.
Little wonder regional vacancy rates remain tight, and in many locations, are still falling.
Finally, it is not surprising to see more expats and foreigners in our buying mix.
