First home buying slumps in SA
New data has revealed a concerning drop in the number of South Australian first home buyers entering the market, as other states experience a healthy rise.
The quarterly figures, released by the Australian Bureau of Statistics (ABS), show a 1.9 per cent decrease in the number of loans being entered into by new owner-occupiers in South Australia over 12 months.
South Australia was the only state to see a fall in the year-on-year figure, with New South Wales, Tasmania and the ACT all seeing a double-digit percentage increase.
South Australia also experienced the highest decline of any state during the March quarter, with the 6.1 per cent drop our sharpest since December 2022.
State Liberal Leader Ashton Hurn said the figures showed the Government has a long way to go to tackle the housing crisis.
“For first-time house hunters, the great Australian dream is slipping further and further out of reach,” Mrs Hurn said.
“We have hard-working South Australians working their guts out to save a deposit, but they just can’t keep up with the state’s skyrocketing prices.”
In New South Wales and Tasmania – where there has been the largest increase in new owner-occupiers – there are first home buyer incentives both new and existing homes.
“It is no coincidence that more young people are able to get their foot on the property ladder in the States where they have support to choose the type of home they want to buy,” Mrs Hurn said.
Shadow Minister for Housing Josh Teague said he’s concerned the measures announced in the Federal Budget will fuel the crisis, with Treasury predicting the changes to Capital Gains Tax and Negative Gearing will see 35,000 fewer homes built over the course of a decade.
“If first home buyers found it tough to buy a home at the start of this year, I fear things will only get even worse from here,” Mr Teague said.
“Labor Government policies are only focused on new builds, but with fuel and material costs through the roof – most South Australians aren’t finding this an affordable option.”
Wage data from the ABS has revealed that real wages fell by 1.78 per cent in South Australia over the past year, while figures from Domain show the state’s median house price jumped 16.4 per cent over the same period.
Shadow Treasurer Ben Hood said this paints a far more concerning picture than the Government has been willing to acknowledge, with key indicators showing South Australian workers are going backwards.
“The Premier has stood in Parliament claiming that real wages were increasing, but the latest figures show the exact opposite is happening in real terms,” Mr Hood said.
“In both the most recent quarter and across the past year, real wages in South Australia have gone backwards, meaning workers are effectively taking home less in real terms despite ongoing cost-of-living pressures.
“Every grocery shop, every power bill, every trip to the petrol station is costing South Australians more, and their pay is not keeping up.
“Falling real wages make the housing crisis worse, not better. Mortgage serviceability and rental affordability depend on what workers actually take home after the bills are paid.
“The Premier can keep telling South Australians their lives are improving. The official data tells them what they already know at the checkout, they are going backwards under Labor.”
New data has revealed a concerning drop in the number of South Australian first home buyers entering the market, as other states experience a healthy rise.
The quarterly figures, released by the Australian Bureau of Statistics (ABS), show a 1.9 per cent decrease in the number of loans being entered into by new owner-occupiers in South Australia over 12 months.
South Australia was the only state to see a fall in the year-on-year figure, with New South Wales, Tasmania and the ACT all seeing a double-digit percentage increase.
South Australia also experienced the highest decline of any state during the March quarter, with the 6.1 per cent drop our sharpest since December 2022.
State Liberal Leader Ashton Hurn said the figures showed the Government has a long way to go to tackle the housing crisis.
“For first-time house hunters, the great Australian dream is slipping further and further out of reach,” Mrs Hurn said.
“We have hard-working South Australians working their guts out to save a deposit, but they just can’t keep up with the state’s skyrocketing prices.”
In New South Wales and Tasmania – where there has been the largest increase in new owner-occupiers – there are first home buyer incentives both new and existing homes.
“It is no coincidence that more young people are able to get their foot on the property ladder in the States where they have support to choose the type of home they want to buy,” Mrs Hurn said.
Shadow Minister for Housing Josh Teague said he’s concerned the measures announced in the Federal Budget will fuel the crisis, with Treasury predicting the changes to Capital Gains Tax and Negative Gearing will see 35,000 fewer homes built over the course of a decade.
“If first home buyers found it tough to buy a home at the start of this year, I fear things will only get even worse from here,” Mr Teague said.
“Labor Government policies are only focused on new builds, but with fuel and material costs through the roof – most South Australians aren’t finding this an affordable option.”
Wage data from the ABS has revealed that real wages fell by 1.78 per cent in South Australia over the past year, while figures from Domain show the state’s median house price jumped 16.4 per cent over the same period.
Shadow Treasurer Ben Hood said this paints a far more concerning picture than the Government has been willing to acknowledge, with key indicators showing South Australian workers are going backwards.
“The Premier has stood in Parliament claiming that real wages were increasing, but the latest figures show the exact opposite is happening in real terms,” Mr Hood said.
“In both the most recent quarter and across the past year, real wages in South Australia have gone backwards, meaning workers are effectively taking home less in real terms despite ongoing cost-of-living pressures.
“Every grocery shop, every power bill, every trip to the petrol station is costing South Australians more, and their pay is not keeping up.
“Falling real wages make the housing crisis worse, not better. Mortgage serviceability and rental affordability depend on what workers actually take home after the bills are paid.
“The Premier can keep telling South Australians their lives are improving. The official data tells them what they already know at the checkout, they are going backwards under Labor.”
For first-time house hunters, the great Australian dream is slipping further and further out of reach.
