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{{propApi.successMessage}} {{region}} Change locationHome ownership gets even further out of reach for first home buyers in NSW
Home ownership gets even further out of reach for first home buyers in NSW
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Today the ABS released the Lending Indicators data for the December quarter 2024, which provides the latest statistics on housing finance commitments.
“Today’s release from the ABS reveals that home ownership is falling further and further out of the reach of would-be first home buyers in Sydney and NSW,” added Mr Armitage.
“The value of new loan commitments for first home buyers fell 24.4 per cent in the December quarter, and 11.3 per cent in the December quarter on the corresponding quarter in 2023.
“Today’s publication also revealed that there were 10,810 loans issued to owner-occupiers for new dwelling purchase and construction in NSW in 2024. This is 1.0 per cent lower compared to the previous year.
“While first home buyers are feeling the greatest pinch of inadequate supply of new housing, owner occupiers in general are being squeezed by the cost of new homes.
“Home building activity is tracking at historic lows and both detached houses and apartments are falling out of the reach of more and more first home buyers.
“An inadequate supply of land for residential development, particularly in greenfield areas, is pushing up the prices of house and land packages at a concerning rate.
“HIA research indicates that the median price of a house and land package in Sydney is now approximately $1.15 million.
“Now is the time for bold reform measures to bring home ownership back into the reach of more families in Sydney and the regional areas of New South Wales.
“The first home owner grant is currently immaterial when compared to the cost of the median house and land package.
“The grant needs tripling at a minimum and the caps must be reviewed as they simply do not reflect the market.
“Furthermore, NSW needs to consider a reform of the existing stamp duty exemption/concession arrangement, and consider a replication of the policy in the Northern Territory- a full exemption on any new dwelling with no applicable price cap.
“Such policies will go a long way toward boosting the supply of new dwellings in NSW and keeping the home ownership dream alive for New South Wales individuals and families who are pressed in extremely tight rental markets,” concluded Mr Armitage.
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