What matters to the cohort hitherto locked out of the Australian housing market? A raging pandemic or record low interest rates? The data tells us loud and clear: the latter.
Lending to first home buyers has never been so high. With fixed interest rates running at record lows of 2.3%, the renting generation is finally keen to shoulder that massive debt. Mortgage brokers may have lost a little bit of business in the investment property crowd but when they show up to a rental property in their shiny suit, they can expect a commission.
Perhaps super withdrawals have also helped the young to finally gather together that elusive deposit. Either way, a new generation is moving into home ownership — for better or worse.
Crikey is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while we review, but we’re working as fast as we can to keep the conversation rolling.
The Crikey comment section is members-only content. Please subscribe to leave a comment.
The Crikey comment section is members-only content. Please login to leave a comment.