Where to now for first-time buyers?
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A long-term housing shortage in Australia is the main reason for strong buyer demand, experts say / AFP
INTEREST rate rises have been widely tipped to push many first-home buyers out of the real estate market, but they may prove more resilient than expected.
A long-term housing shortage in Australia is the main reason for strong buyer demand, but a bucketload of grant money and bonus payments to first-home owners has fuelled record buying by these property newcomers.
Now that some of the grants have been scaled back and mortgage interest rates are on the way up again, what is the future for first-home buyers?
According to the Real Estate Institute of Australia, first-home buyers are expected to take a breather, although only for a limited time.
Record-high purchase levels by first-home buyers have already started to taper down and this trend is forecast to continue, REIA president David Airey says.
