Increased housing costs shift portion of income required for renters and owners

At a panel event today on the Gold Coast to launch the report, ANZ Chief Economist, Richard Yetsenga, CoreLogic Head of Residential Research Australia, Eliza Owen, and Property Council of Australia Executive Director, Jess Caire, discussed what a shifting commitment to housing costs means for Australians.

CoreLogic Head of Residential Research Australia said: "The portion of owner-occupied lending secured for new first home buyer purchases was elevated as at February at 29.2%, but it's down from HomeBuilder highs of 33% in January 2021. As the year progresses and home values are likely to continue rising, the share of first home buyer activity is likely to weaken further," she said.

Property Council Australia Executive Director, Jess Caire said: "Residential housing needs to be the number one priority. We need to be making sure we're getting more houses across all typologies delivered faster and more effectively."

ANZ Group Chief Economist, Richard Yetsenga said: "Significant challenges are ongoing with supply constrained and material costs high. International competition for both materials and labour remains intense."

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