Original article by John Collett
The Age – Page: Online : 30-Aug-23

A report from the National Housing Finance & Investment Corporation and the Commonwealth Bank highlights the growing cost of entering the housing market. It shows that average gross household income for first-home buyers with the CBA was about $117,000 in early 2023, while the average purchase price was almost $629,000. Meanwhile, the average deposit for first-home buyers was $159,000; this compares with just $108,400 at the start of 2020. SQM Research MD Louis Christopher says the figures suggest that many people are getting financial help from their parents to buy their first home. This in turn means that people who cannot rely on the so-called ‘bank of mum and dad’ are being locked out of the housing market.

CORPORATES
NATIONAL HOUSING FINANCE AND INVESTMENT CORPORATION – ASX NFI, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SQM RESEARCH PTY LTD