Income Inequality in Australia
Australia has always been a country that has been considered egalitarian by the rest of the world, a place where all citizens had a ‘Fair Go’ at the Australian Dream, – that is, until recently. Australia has suffered a shift in income equality that has created a sizeable gap between the rich […]
It is every young family’s dream to buy a house to make into a home but with rising property prices, it is becoming more difficult for first home buyers to enter the market. A young family might not have much in the way of savings and it can seem impossible to come up with the […]
House prices logically increase every year. It is not surprising that it gets more difficult for first time homebuyers to finally buy and own their own dwellings. If you are considering buying your own house for the first time, you should not despair. If you would be more strategic, you could surely find creative ways to save for the major purchase. […]
More Australians are buying houses later in their lives.
As a new mortgage survey suggests, a new social trend is emerging in the mortgage market. The survey found, “37% people looking to purchase their first home in the next five years will be over the age of 40”, jumping 28% from last year.
This new trend signifies a shift in the way people are using and spending their money. With the current climate of inflation and rising living costs, people can no longer afford to fund mortgage repayments earlier in life. As Mortgage Choice Survey Spokesperson Kirsty Sheppard explains, people are focussing on other life goals such as career and travel, before entering the property market. […]
45% of first home buyers are currently in mortgage stress and racking up debt on their credit cards to make home loan repayments. With rates expected to rise again – this obscurity is only going to worsen.
As tens of thousands of young homebuyers use credit cards or other loans to meet their financial responsibilities, they are making paying off a home loan severely stressful because now they have multiple debts with increasing interest to pay off, and their income has remained the same.
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In recent times it has become even harder for Aussies to get their foot in the door of the property market. First home buyers are quickly being priced out of the market, as investors are snapping up properties right in the midst of a housing shortage.
It seems as though our buoyant economy and strong job prospects have spurred established home owners to invest in property or upgrade their homes. […]
The federal government admits to allowing foreign investors to purchase Australian property, which has priced many first-home buyers out of the market.
A recent crackdown comes in response to growing claims real estate prices have been forced higher by wealthy Asian families, especially from China and South Korea, buying up property and out-bidding local residents at auctions.
The tightening of foreign investment rules require temporary residents to be screened and get permission from the Foreign Investment Review Board to buy a property, sell their property when they leave Australia and build on vacant land within 24 months, or else sell. […]
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