10/03/2022
Do you know what 2022 holds for first home buyers?
Unfortunately, experts believe that first home buyers will face a tough year in 2022.
At the moment, prospective first home buyers look at entering a market where house prices are 22.2% higher than they were a year ago. They also face tighter lending conditions with a higher interest rate buffer introduced last year, raised from 2.5% to 3%.
First home buyers were already being pushed out of the market last year with their share of financing declining for nine months straight, falling by 16% in the year to October.
However, there is a spark of hope.
More homes are expected to open on the market, there is the possibility of diminishing competition, interest rate hikes could help house prices fall, and there are encouraging signs that wages will rise.
Fingers crossed for improvements in 2022. 🤞
Read more: https://www.mpamag.com/au/news/general/first-home-buyers-could-face-tough-2022/321104
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