The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at
$895,000, with the Northern Territory the lowest at $489,2001. With the target cash rate expected to remain steady at a 12 year
high of 4.35% over 2024, the pressure is on parents and family to help the younger generation become homeowners.
Over the last 15 years, home ownership has fallen from 70% to 67% of the population. Over time, declining home ownership
will increase the wealth gap in Australia as for many, home ownership is a significant factor in wealth accumulation. According to the
Actuaries Institute, wealth inequality is significantly higher now than in the 1980s, with the wealthiest 20% of households currently having
six times the disposable income of the lowest 20%2.
The Domain’s
First Home Buyer Report 2024
estimates the time for a couple aged between 25 and 34 to save a 20% deposit for an entry level home to be 6 years and 8 months in Sydney,
and 5 years and 5 months in Melbourne (the Australian average is 4 years and 9 months). In that time, they are begrudgingly paying rent (or
staying with Mum and Dad).
Ensure clarity and protection by documenting loan terms for your home purchase with legal guidance. Consulting a financial adviser is
key to assessing eligibility for schemes aiding first-home buyers.
New warehouses on the back of rising interest rates, new construction is expected to rebound as tenant pre-commitments firm up and demand rises.
Despite electric vehicles growing in popularity there is still a need for traditional service stations, according to an expert.
Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. For business, there is the extension of the $20k instant asset write-off again.
Secured business loans play an important role in supporting small business owners.