What matters to the cohort hitherto locked out of the Australian housing market? A raging pandemic or record low interest rates? The data tells us loud and clear: the latter.
Lending to first home buyers has never been so high. With fixed interest rates running at record lows of 2.3%, the renting generation is finally keen to shoulder that massive debt. Mortgage brokers may have lost a little bit of business in the investment property crowd but when they show up to a rental property in their shiny suit, they can expect a commission.
Perhaps super withdrawals have also helped the young to finally gather together that elusive deposit. Either way, a new generation is moving into home ownership — for better or worse.