An entry-level budget may not be able to afford the standard detached family home that would now cost $600,000 based on sales over the July quarter 2016. This is $20,000 more than the average $580,000 family home price in the ACT and Queanbeyan region based on sales data from Allhomes over the July 2015 quarter.
However, decreasing prices for units are more welcoming to the entry-level budget. The average sale price of a unit in the ACT and Queanbeyan region is $375,000 based on sales over the July 2016 quarter. This is $10,000 than the $385,000 sale price of a unit during the same period last year.
The number of first-time buyers is also decreasing based on the latest housing finance data from the Australian Bureau of Statistics. Only 557 first-time homeowner loans were financed over the June quarter—a drop of 9.3 per cent or 57 fewer loans compared to those approved in the same period last year.
The average loan of first-time buyers is also pegged at $331,500 over June. This amount is $32,300 more compared to the median loan in the same period last year.
For non-first-time homeowners, the average loan ballooned to $367,900 during June, or $22,200 more compared with last year. The number of non-first-time homeowner loans that have been approved increased by 17.6 per cent over the June quarter for a total of 2,918.
Collections: Mortgage News