With ongoing talk of affordability issues, concerns that interest rates will rise again and difficulties gathering together a deposit, more potential first home buyers have been pushed out of the property market and relegated to the rental roundabout.
According to a recent report from RP Data, the number of first home buyer mortgage commitments during 2010 dropped to their lowest level in six years, with only 96,201 making the move from tenants to home owners.
This is in stark contrast to 2009, when 190,000 new home owners took the plunge into the property market buoyed by low interest rates, strong market and consumer sentiment as we survived the GFC and the Government’s first home owners grant boost.
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