«

»

Jul 12 2010

First Home Buyers average Mortgages

The change in the average mortgage finance for Australian First home buyers is shown in the charts below.

How does the average First Home Buyers Mortgage compare to the average wages over the years ?

Most First Home Buyers these days are two income families, many being both full time, but some with one being part time.  A comparison against both possibilities is shown below, using average wages quoted by the ABS.

Australian First Homes Buyers Mortgage and Income Multipliers

2 Full Time

1 Full + 1 Part Time

Month-Year Average Loan Income multiple Income multiple
Feb-95 $90,800 $67,574 1.34 $52,640 1.72
Feb-03 $160,500 $93,298 1.72 $72,407 2.22
Feb-04 $186,300 $98,571 1.89 $76,609 2.43
Feb-05 $210,200 $102,497 2.05 $79,589 2.64
Feb-06 $220,300 $107,390 2.05 $83,364 2.64
Feb-07 $228,600 $110,204 2.07 $85,675 2.67
Feb-08 $227,900 $116,048 1.96 $90,061 2.53
Feb-09 $279,000 $122,190 2.28 $94,973 2.94
Feb-10 $281,600 $128,612 2.19 $100,121 2.81
Feb-11 $277,000 $134,118 2.07 $104,302 2.66

For the 1 Full time and 1 Part Time incomes, I have used the Male Full time plus 50% of the Female Part time average incomes, as this is probably the most common combination.

The following figures are the monthly averages for about the last 2 years.

First Home Buyers Average Loan Size

Month and Year Average Loan % of all loans
Apr-2009 $284,500 28.1%
May-2009 $281,800 28.5%
Jun-2009 $270,200 27.1%
Jul-2009 $269,700 25.3%
Aug-2009 $270,800 24.7%
Sep-2009 $274,600 26.1%
Oct-2009 $275,500 26.0%
Nov-2009 $283,900 22.6%
Dec-2009 $289,700 21.5%
Jan-2010 $282,500 21.0%
Feb-2010 $281,600 18.6%
Mar-2010 $284,500 16.4%
Apr-2010 $289,600 16.9%
May-2010 $286,600 16.5%
Jun-2010 $283,800 16.2%
Jul-2010 $286,500 15.9%
Aug-2010 $283,200 15.5%
Sep-2010 $280,400 15.9%
Oct-2010 $283,600 15.4%
Nov-2010 $278,800 15.6%
Dec-2010 $281,700 15.8%
Jan-2011 $274,300 15.2%
Feb-2011 $277,000 14.9%
Mar-2011 $279,500 16.0%
Apr-2011 $285,400 15.8%

The following chart shows the ‘changes’ in the numbers of First Home Buyers over a longer period, using annual figures, from 1999.

Number of FHB sales in 12 months ended

12 Months ended Number of Sales % of all loans
Oct-1999 111,743 21.8%
Oct-2000 113,394 21.4%
Oct-2001 139,390 23.5%
Oct-2002 126,677 20.2%
Oct-2003 97,501 14.6%
Oct-2004 87,425 14.1%
Oct-2005 111,870 16.5%
Oct-2006 130,928 17.4%
Oct-2007 133,314 17.3%
Oct-2008 120,981 17.9%
Oct-2009 191,943 26.3%
Oct-2010 104,176 17.8%

This following chart shows how the average First Home Buyers actual loan values have changed from 2003.

First Home Buyers Average Loan Size

Month and Year Average Loan % of all loans
Feb-2003 $160,500 15.7%
Feb-2004 $186,300 12.7%
Feb-2005 $210,200 15.9%
Feb-2006 $220,300 17.5%
Feb-2007 $228,600 17.4%
Feb-2008 $227,900 17.3%
Feb-2009 $279,000 26.8%
Feb-2010 $281,600 18.6%
Feb-2011 $277,000 14.9%

Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Leave a Reply to this Posting, but no links please.

%d bloggers like this: