What is keeping first home buyers away, even as property prices plummet?‘Even though values have come down across the country, interest rates have gone up very aggressively.’3 min read

7NEWS11-11

The Albanese government insists there has never been a better time for first home buyers to enter the property market, but a growing number of Australians appear unconvinced.Home lending has fallen ...

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and prospective buyers are increasingly reluctant to take the plunge.So what’s keeping them away, even as property prices soften across the country?\nKnow the news with the 7NEWS app: Download today ArrowFalling prices aren’t translating into affordabilityNew home loan commitments fell 5.4 per cent in the June quarter, marking a second consecutive quarterly decline, raising questions about why buyers aren’t taking advantage of what the government says is an improving market.Suburbanite property market expert Anna Porter told Sunrise that while property values had lowered across the country, the savings for prospective buyers were being offset by higher interest rates and the rising cost of holding a home.“Even though values have come down across the country, interest rates have gone up very aggressively, so that has stripped away the affordability and it’s actually undone a lot of that cheaper price point they can access because the cost to hold property is so much higher through the rates,” she told Sunrise on Wednesday.She said the cost of holding a property, rather than simply its purchase price, was continuing to weigh on prospective buyers.The government says it’s never been a better time to buy a home, but Suburbanite property market expert Anna Porter says Australians are still holding back. (Lukas Coch/AAP PHOTOS) Credit: AAP/SunriseBuyers are staying on the sidelines\nBe the first to know: Add 7NEWS as your preferred news source on GoogleThere are also signs the market is seeing fewer new purchases, with Porter pointing to data from national valuation firm Opteon.\nThe firm’s figures show just one in four property valuations are being conducted for purchases, with the remaining three in four for refinancing.“That is a really interesting statistic that there’s not a lot of new purchases occurring,” she said.Auction clearance rates are also reflecting the uncertainty, with most states recording rates below 50 per cent last weekend.\n“At this time of year we’d expect 60 or 70 per cent clearance rates, so that is down,” Porter said.\nShe said buyers were nervous about further interest rate rises, the high cost of living, and the possibility of purchasing a property only to see its value fall.“A lot of buyers are just nervous rates are going to continue to go up,” she said.“The cost of living at the moment is very high, and then they’re also worried if they buy now and values come back even further they’ve lost that equity that they’ve bought into.”Government insists first home buyers are making progress\nHousing Minister Clare O’Neil rejected the suggestion that falling lending figures meant the government’s efforts were failing, arguing first home buyers were increasing their share of activity in the housing market.“What we can see is that the share of lending that’s happening in the market is increasing when it comes to first home buyers and owner occupiers and it is decreasing when it comes to investors,” she told Sunrise.\nPlay VideoThe Australian Bureau of Statistics has released new home loan data showing a significant drop in housing market activity, following a 5.The Australian Bureau of Statistics has released new home loan data showing a significant drop in housing market activity, following a 5.The Australian Bureau of Statistics has released new home loan data showing a significant drop in housing market activity, following a 5.The minister said the government’s budget tax changes would help 75,000 Australian households move from renting into home ownership over time, provided they purchased newly built homes.But Nationals senator Bridget McKenzie challenged the government’s assessment, accusing Labor of worsening housing affordability and pointing to mortgage holders facing significantly higher repayments.“When Claire talks about first home buyers I’m thinking about those first home buyers who took her up on the offer of the five percent deposit scheme who now have are in negative equity with their home that they’ve purchased are being worth less,” McKenzie said.The bank of mum and dad could be shrinking\nPorter warned that falling property values could undermine one of the key ways young Australians get help entering the market, financial support from their parents.Many first-home buyers use equity in their parents’ homes to help fund a deposit, but that option could become less accessible if property values continue to decline.\n“If the value of mum and dad’s property is shrinking, so is the bank of mum and dad, so you could end up worse off if values come back further,” she said.\nLord Mayor’s grim admission after delivery rider’s alleged stabbing death2 min readLabor fiercely defends renewables plan amid fears power prices could spike2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2682234703","isCrawlerRequest":true}