Western Sydney first home buyers hit hard by interest rate hikes, falling property prices
First-time home buyers in Western Sydney are facing significant financial strain due to the combination of rising interest rates and falling property values. Residents are calling for more creative policy solutions to alleviate the burden on young families struggling with mortgage repayments.
Why it matters
This highlights the socio-economic impact of monetary policy on housing affordability and the widening wealth gap between generations.
It's been a difficult time for new home owners in Western Sydney. ( ABC News: Declan Bowring )
Concerns are growing about the combined impact of falling house prices and interest rate hikes for Western Sydney home owners.
But others say the downward home value trend will help more young people enter the property market.
It comes as interest rates hit a 15-year high this week, with the Reserve Bank of Australia saying the move was necessary to help combat inflation.
Link copied Share Share article With half of his regular household income swallowed by mortgage repayments, new Western Sydney home owner Chris Shaw says there is little left over for anything else.
" It is hurting quite a bit. It's a bit tough to make do at the moment," he said.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in