More First Home Buyers In Victoria Than Any Other State

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More First Home Buyers In Victoria Than Any Other State Pexels

Ask anyone about how the property market in Australia is going, and you will hear dramatic stories about locals being driven out of the market by foreign investors and people on low incomes being stuck in a rent trap. 

But buyers are getting into the market in droves against the odds. Victoria tops the charts as the state with the largest number of first home buyers, followed closely by Queensland. 

In the 3 months ending in June, there were 23,559 first home buyers in Australia. The most were in Victoria, with 6648. Queensland had 6003 first home buyers.

On the mortgage front, the size an average mortgage to a first home buyer is now $386,664, an increase of 4.5% compared to last year.

Finally, if you really want to buy a house, Tasmania and the Northern Territory are the place to go. Affordability has improved in the Top End and the Island State to the point where it is much cheaper to make mortgage repayments then to pay rent.

This is measured by the portion of income needed to make loan repayments or pay rent. For the NT, loan payments take 20.3% of someone's income, compared to 23.1% of their income to pay rent. In Tasmania you'll pay 23.9% of your pay packet for a mortgage, but much more to rent, at 25.8%. 

All the figures come from the latest Real Estate Institute of Australia Housing Affordability Report.