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Fresh figures from a regional bank have found that first home buyer numbers are ‘on a glide-path’ to what is currently a two-decade low, which will provide “major challenges” for future governments.
The June quarter edition of the Adelaide Bank/Real Estate Institute of Australia Housing Affordability Report found that first home buyer numbers are continually declining.
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The number of first home buyers for the June quarter 2016 decreased by 0.7 per cent year-on-year, and currently make up 14.3 per cent of the owner-occupier market.
General manager of Adelaide Bank Damian Percy commented: “When you consider that modelling for adequacy of income in retirement typically assumes that people own their own home, this should be concerning to policymakers.”
“First home buyer numbers are on a glide-path to what is currently a two-decade low. This trend will provide major challenges for future governments, ultimately impacting the number of people on public housing waiting lists and in supported housing.
“The time to fix government housing policy is now, not in 10, 20 or 30 years’ time,” Mr Percy said.
[Related: FHBs crying out for government support]
