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First-home buyer wave turns into tsunami of affordability issues

A year ago, first home buyer activity was at a peak and riding a wave propelled by low mortgage rates and government incentives but one year on this market is being crunched.

Calculator with wooden house model on mat of Australian dollars
Even by global standards, first-home buyers in Australia are being crunched.

A year ago, first home buyer activity was at a peak and riding a wave propelled by low mortgage rates and government incentives.

Fast forward 12 months and more stringent lending requirements, brutal house prices and investor pressure have diminished first home buyer activity.

January 2022 saw a drop in participation to just under 11,000 compared to more than 16,000 for the corresponding time last year, according to Australian Bureau of Statist…