The number of people waiting until their 40s and 50s to get into the housing market is increasing.
Australia’s property price boom is forcing people to wait longer to get into the housing market, and the number of people waiting until their 40s and 50s, often only helped along by an inheritance, is rising.
Ms Chabari took on more shifts and managed to get family assistance to get into her first home, but skyrocketing prices also forced her budget higher, from $400,000 to $455,000; and in that she is not alone. Across Australia, 50 per cent of available houses are now affordable to just the top 20 per cent of first home buyers by income, while for the bottom 40 per cent fewer than one in five houses is affordable,
Loans to first home buyers peaked at more than 16,000 a month in January, up from about half that just under a year earlier. But economists believe access to taxpayer cash and cheap debt were contributing factors to house prices growing by more than 20 per cent over the year to September.
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