Mount Barker first homebuyers priced out as new data revealed

One of South Australia’s safe havens and market entry points for first homebuyers is rapidly becoming unattainable, new research shows, prompting calls for a faster rollout of more affordable housing. Oliver Hume Property Group research shows up to 70 per cent of first homebuyers in Mount Barker have been priced out of house and land packages in the suburb as interest rates continue to rise and costs increase. According to the property group, May and September’s interest rate hikes alone by the Reserve Bank of Australia wiped $20,000 off of first homebuyers’ borrowing capacity. Artist renders of the Larkview community at Mount Barker. Supplied Oliver Hume Property Group’s Chief Economist Matthew Bell said the data demonstrated a widening gap between buyers’ ability to service a mortgage and house and land supply. According to the research, most first buyers within 15km of Mount Barker sits below $700,000, while almost half the available stocks sits between $800,000 and $1.2m. In fact, the $600,000 to $700,000 properties most first homebuyers can afford made up just 15 per cent of the available house and land options. Oliver Hume Property Group’s Chief Economist Matthew Bell said Mo...