CBA releases ‘Affordable Locations’
(28 April 2010 – Australia)The Commonwealth Bank has released a report indicating the best locations across Australia offering first home buyers sound investment opportunities.
Research from the Commonwealth Bank and RP Data has revealed that there were almost 41,500 house and unit sales recorded over the second half of 2009 that were within ten percent of the average first home buyer purchase amount; equating to almost one in five home sales sitting right in the middle of the average first home buyer purchase amount.
Commonwealth Bank’s ‘Affordable locations for first home buyers’ report prepared by RP Data, reveals the locations where opportunities exist for the average first time buyer.
The report indicated that approximately 6 percent of transactions for houses have been within 10 kilometres of the relevant CBD highlighting that opportunities for first home buyers to own a detached home close to the city are limited.
However, 38 percent of transactions for units were within 10 kilometres of the capital city CBD which indicates that for a first home buyer, inner city units are a much more likely purchase option than inner city houses.
The report also stated that approximately 19 percent of all sales nationally were within 10 percent of the relevant first home buyer purchase price in capital cities with the figure at 21 percent within the major regional areas and 16 percent in smaller regional areas.
According to James Sheffield, general manager of Mortgage Wealth, opportunities exist for first time buyers providing they do their research to ensure they are making an informed decision.
Changing market forces and an aggressive property market highlight why it’s never been more important to get back to basics, potential homeowners need to do their numbers and research before they buy and make sure that they take a long term view when purchasing a property, Mr Sheffield added.
Across Australia there have been more than 27,000 houses and over 14,000 units sold during the last six months of 2009 within plus or minus 10 per cent of the Commonwealth Bank’s average first home buyer purchase price. That’s almost one fifth of all the sales settled during the six month period.
Commonwealth Bank’s ‘Affordable locations for first home buyers’ report prepared by RP Data, reveals the locations where opportunities exist for the average first time buyer.
The report indicated that approximately 6 percent of transactions for houses have been within 10 kilometres of the relevant CBD highlighting that opportunities for first home buyers to own a detached home close to the city are limited.
However, 38 percent of transactions for units were within 10 kilometres of the capital city CBD which indicates that for a first home buyer, inner city units are a much more likely purchase option than inner city houses.
The report also stated that approximately 19 percent of all sales nationally were within 10 percent of the relevant first home buyer purchase price in capital cities with the figure at 21 percent within the major regional areas and 16 percent in smaller regional areas.
According to James Sheffield, general manager of Mortgage Wealth, opportunities exist for first time buyers providing they do their research to ensure they are making an informed decision.
Changing market forces and an aggressive property market highlight why it’s never been more important to get back to basics, potential homeowners need to do their numbers and research before they buy and make sure that they take a long term view when purchasing a property, Mr Sheffield added.
Across Australia there have been more than 27,000 houses and over 14,000 units sold during the last six months of 2009 within plus or minus 10 per cent of the Commonwealth Bank’s average first home buyer purchase price. That’s almost one fifth of all the sales settled during the six month period.
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