Interesting ABS stats on First Home Owners

Just released today, some very interesting stats on FHO's..

http://www.abs.gov.au/AUSSTATS/abs@...ummary&prodno=4130.0&issue=2007-08&num=&view=

- The average FHO household income is over $100k. Much higher than national average !
- Deposits of at least 20% is under 20% of mortgaged FHO's. Surprisingly poor savers given pretty high incomes.
- 58% have at least two incomes
- 30% are buying units, double of last decade.
- 51% bought in the same area as "previous dwelling" (parents).
- Disposable income after mortgage is still well over $50k /year


Thrawn
 
A couple of thoughts:
  • The average property purchased cost $350K, so with an average $100K income they're not overstretching themselves.
  • The average FHB mortgage is $280K. It's recently (last twelve months or so) become higher than the average mortgage for all properties.
  • Is the trend towards units and higher density housing driven by high house prices? (i.e. Would they buy a traditional, detatched house given the choice?)
  • How is this going to affect house prices in the long term? If above-average earners are taking on large mortgage debt to buy below-average properties, then who's going to pay the high asking prices for the above average properties?
It strikes me that FHBs are being pretty sensible, and not borrowing vast sums to get onto the property ladder. But I think that it's going to be very hard for them to move up over the long term.
 
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