First time buyers let down by budget
The federal budget has let down first time buyers, according to the Real Estate Institute of Australia (REIA).
REIA says the federal budget has totally ignored those who are looking at buying a property for the first time.
The institute pointed out that from March 2009 until March this year, the number of these buyers as a percentage of the total number of home purchasers dropped from 31.4 per cent to 14.2 per cent.
"Australians want to own their own homes," said REIA president Peter Bushby.
"They see it as a priority and more needs to be done to assist first home buyers."
The Australians for Affordable Housing (AAH) group was also disappointed with the budget, saying that there is not enough being done to create affordable homes for Australians across the board.
Campaign manager Joel Pringle said: "All signs indicate that people's ability to afford a home will deteriorate further in coming years, so it is a disappointment that the Government has failed to include budget measures to ameliorate the crisis."
When the hardest part of getting into the property market is often making that first purchase, less affordable homes are a detriment to the first time buyer.