First Home Buyers Increasing Proportion Of Housing Market
The September housing finance figures released by the Australian Bureau of Statistics (ABS) show that first home buyers continue to increase their presence in the housing market, according to the Real Estate Institute of Australia (REIA). “The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 17.4 per cent and is the highest proportion since November,” REIA President Malcolm Gunning said. “By contrast, the value of investment housing commitments decreased by 0.5 per cent in September in trend terms following falls in the previous four months and is well down from its 2015 peak.
“Overall the figures for September 2017 show, in trend terms that the number of owner-occupied finance commitments increased by 0.7 per cent. If refinancing is excluded, in trend terms, the number of owner-occupied finance commitments increased by 0.3 per cent and is the thirteenth consecutive month of increases. “In trend terms increases were recorded in all states and territories except Tasmania and the Northern Territory. Victoria had the largest increase of 1.6 per cent and the Northern Territory had the largest decrease of 0.8 per cent. Queensland remained flat. “In trend terms, the number of established dwellings purchase commitments increased by 0.7 per cent while new dwelling construction increased by 0.4 per cent and the purchase of new dwellings increased by 1.4 per cent. “It is pleasing to see the increased presence of first home buyers. The figures show that owner occupiers and first home buyers responding to more stable conditions and, in the case of first home buyers, state government incentives,” Mr Gunning concluded.