HOUSING affordability remains a problem across Australia, with many first home buyers still priced out of the market despite recent interest rate cuts.
The finding was made in the latest snapshot of the local housing market by JP Morgan, which ranks Australia in second place behind Hong Kong for having the world's highest house prices.
The report's co-author Martin North says that despite the Reserve Bank of Australia's recent slashing of its cash rate, mortgage repayments remain high because the average loan is getting bigger and the major banks have not passed on the RBA's rate cuts in full.
As a result, potential home buyers in major capital cities were being put off from plunging into the property market.
"In some of the major markets, such as NSW and Western Australia, over half the people who want to buy can't because they can't afford to," he said.
While first home buyers were put off by high house prices, existing property owners looking to buy were wanting to downsize to smaller properties.
The report's fellow co-author Scott Manning said this was causing property prices to remain high as property owners looking to downsize generally did not want another mortgage and therefore would not sell at a lower price.
"We've got a generational shift which will take 20 or 30 years to play out," he said.
"These people have ridden the wave up but someone's got to buy off them."
Mr Manning said the housing market was operating differently across the country.
There was still very significant demand from both first home buyers and investors in Western Australia.
But in Queensland, Tasmania and South Australia existing home owners looking to downsize were driving demand.
Mr Martin said over the next few months he expected home owners who wanted to downsize but get a good price for their properties to drive demand in NSW and Victoria.
First home buyers in NSW and Victoria also expected to buy units, while in Queensland and Western Australia they were more likely to favour houses.
Mr Manning also believed it was likely that the major banks would maintain their current trend of not passing on the RBA's rate cuts in full for another two years.
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