Scott Morrison announces MORE help for first home buyers

Scott Morrison announces MORE help for first home buyers
Scott Morrison announces MORE help for first home buyers

 Homebuyers could be the big winners of Australia's overheated property market in 2022 as more sellers try to cash in on the boom.

Australian property prices in the year to November surged by 22.2 per cent - the fastest annual pace since early 1989, CoreLogic data showed.

But that turbocharged growth is likely to slow down next year with National Australia Bank on Thursday becoming the latest major bank to raise its fixed mortgage rates.

None of the big four banks now have lending rates below two per cent, ending ultra cheap home loans which have been a major factor in surging house prices since late 2020.

Borrowing costs are now rising from record lows as more sellers put their home on the market.

This is occurring as fewer Australians buy a place to live in because the prices are too high, leaving the market to investor landlords.

First-home buyers in particular are turned off, causing their numbers to plunge by a third since the start of the year.

With fewer owner-occupiers interested in buying a home, potential buyers in some markets could be in a better position.

In Sydney, the number of homes on the market compared with a year ago has surged by 64 per cent, data from real estate sales group Domain showed.

Melbourne has seen a 40 per cent increase, as listings in Perth rose by 41 per cent and by 35 per cent in Adelaide.

In Brisbane, listing levels in the week ending on November 27 were 20 per cent higher than a year earlier.

In regional New South Wales, the number of homes going on the market has climbed by 19 cent, compared with 17 per cent in regional Victoria.

Domain senior research analyst Nicola Powell said with more choice, price growth would be likely to slow.

'We expect buying opportunities to continue to look bright across Australia for

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