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First home buyers are racing to buy â but rising prices put home ownership further out of reach
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MarMarch 2021 at 10:30pm
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(Emilia Terzon)
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First home buyers are helping prop up the property market during a pandemic â but a feedback loop is emerging where rising prices are simultaneously making it harder than ever for some to buy their first home.
Key points:
Some first home buyers are taking advantage of low interest rates and government schemes
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The quarterly ratings rank the performance of the jobactive providers in 1,700 locations around Australia, as well as the smaller disability employment services program.
Providers were told in early February that the suspension of the star ratings would last until the Australian Bureau of Statistics resumes producing a specific labour market dataset and the department was satisfied that the ratings could be calculated fairly. The final ratings until then would be from September 2020.
Some providers privately welcomed the suspension, having warned that the ratings would be compromised by the shifts in the labour market caused by the pandemic.
But Kristen O’Connell, a spokesperson for the Australian Unemployed Workers’ Union, said it exposed the “dramatic contrast” between how the government treated people on Centrelink payments and employment service providers.
The value of new mortgage commitments rose 10.5 per cent in January, with new loans to owner occupiers up 10.9 per cent and loans to investors up 9.4 per cent, according to the latest Australian Bureau of Statistics figures.