Growth in Housing Prices Cruels Some; Baby Boomers Keeping First Home Buyers out of Market

The Morning Bulletin (Rockhampton, Australia), July 31, 2014 | Go to article overview

Growth in Housing Prices Cruels Some; Baby Boomers Keeping First Home Buyers out of Market


Byline: APN Newsdesk

BUYERS have to fork out six times more than in 1986 to purchase a home, forcing first home buyers out of the market and entrenching generational income inequality.

As a result, the first home buyers' share of home loan approvals has hit a historic record low.

A Senate inquiry examining housing affordability was told yesterday by federal public servants that average house prices had outpaced income rises for almost 20 years.

Department of Social Services deputy secretary Felicity Hand told the inquiry the average cost of a home was six times the price it was in 1986, while inflation had grown just 2.5 times.

She said it was a challenge that had been exacerbated in the past seven years as rental costs had also soared compared with CPI between 2007 and 2013.

The Australia Institute told the committee the situation was helping to keep prices up for investors to the detriment of young buyers keen to own their own home. …

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