The wait times listed above will lengthen in November though, as financial regulator APRA will introduce new regulations to curb the borrowing power of buyers.ĪPRA will require banks to apply stricter criteria to loan applications amid concerns that rising house prices were making Australia’s financial system too unstable.īut despite the new rules, which come into effect next week, experts say house prices will continue rising until the RBA raises interest rates. Under the most generous government scheme – allowing a single parent to buy a home with a 2 per cent deposit – the time taken to save is just over 12 months on average. It’s off to ye olde ModDB (along with a jaunt or two to the Paradox Forums) for all your Victoria II modding needs.
On the flip side, the outback NSW town of Cobar is the most affordable. Victoria 2 Cheat Codes Population Writing this roundup of Victoria II mods is like stepping back in time. The government has attempted to shorten the savings journey by putting billions of dollars into first-home buyer grants during the pandemic, but economists have warned these schemes only increase house prices. Woollahra residents would have to save for 18 years and two months on average to afford a typical house in the leafy LGA. Investor loans over the same time frame rose from $6.5 billion to $9.3 billion per month.įederal Treasury officials said last month that saving for a deposit is now the largest barrier for first-home buyers trying to buy property. The value of first-home buyer loans fell from a high of $16.2 billion in January to $12.9 billion in July, ABS data shows. The research comes amid growing concerns that many Australians are being priced out of the market, with median house prices rising 20.3 per cent over the past 12 months alone, according to CoreLogic data.Īlthough a surge of first-home buyers found their way into the market during the pandemic, this trend has dissipated as prices have soared.
Finder says the average resident there would save a deposit in 20 months.