'Bank of Mum and Dad' increasingly needed as housing prices outpace incomes for first home buyers
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As housing prices rise, more first home buyers are getting help from 'the bank of mum and dad' - up from 12% in 2010 to 60% in 2017.
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Low wage growth and unstable incomes make it harder for young people to save for a deposit without family help.
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Families assist with cash gifts but also by using existing properties as security for loans or equity.
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Relying on family property wealth risks increasing the divide between homeowners and long-term renters.
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Inheriting property may return Australia to a 'landed gentry situation' with less social mobility.