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Low Cost Homes for Sale Drop in Canberra
07/09/2010

Housing Affordability in Canberra gets worse making it tougher for first time home buyers to get into the real estate market, according to the latest study conducted by Bankwest.

The study shows that ACT Residents will take them 4.4 years to save for their house down payment. The figures are based on the length of time it takes couples on a median salary to save for a 20 per cent deposit, by allotting one fifth of their combined earnings each year.

According to Adrian Bradley from Bankwest, the Canberrans are pushed to rent or stay with their parent’s house for longer.

Property experts say a summation in low-cost housing stock is what is making it more difficult for first home buyers to get into the Canberra market.

Catherine Carter, chief executive of the ACT Property Council, said that the price of houses for sale are still increasing despite of the initiative of Australian government.

According to her, there is still a very huge lack of stock under $400, 000, specially 3 bedroom houses which are in demand for most young families. She added that the possible solutions to this is to increase the supply of land to provide house and land packages under that $400, 000 mark.

Source: ABC News