Australia’s first home buyers, as a percentage of total owner occupied housing commitments increased to 16.4% in September compared to 15.4% in August. Although this proportion is well below the long-run average of 20.1% (and dramatically down from the 28.5% level of April 2009), the REIA is significantly seeing a modest return of first home buyers to the market.
The value of investment housing commitments increased by 1.0% (in trend terms) in September and is the third consecutive month of increases, following fourteen consecutive months of falls.
Another mortgage broker Loan Market claims that first homebuyer enquiries have hit their highest level in nearly two years. The company's COO, Dean Rushton, says first time buyers accounted for 51% of total Loan Market enquiries in October.
Enquiries from first time buyers were strong across all states and territories, with first homebuyers in Tasmania representing 71% of enquiries, adds Mr Rushton.