First home buyers and affordability

Publication Type:
Conference Proceeding
Citation:
AsRES 19th INTERNATIONL CONFERENCE, 2014, pp. 1 - 12
Issue Date:
2014
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Residential dwelling prices have increased greatly in recent years, to the level that many households are not able to access homeownership. Though there are government schemes, such as the First Home Owner Grant (FHOG) scheme, available to assist the first home buyers to access the homeownership, the number of FHOG applications has declined since 2012. This study investigates the attributes of the first home buyers’ decisions on entering homeownership. The paper starts with discussions on the characteristics of first home buyers, the types of FHOG assistances available in the market, and reviewing attributes that affect purchase decisions. Quarterly data such as interest rate, dwelling prices, government schemes, etc. were included for the development of a statistical model and the analysis. The results indicate that the FHOG contributes to the increased demand for dwellings. A negative correlation between the number of applicants of the first home buyers and the dwelling prices was found.
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