Consumer News

First home buyers driving increased lending

17 October 2017

By Tim McKibbin – REINSW CEO

The number of first home buyers returning to the market is on the rise thanks to more stable market conditions.

The Australian Bureau of Statistics recently released their August housing finance figures which revealed that the proportion of first home buyers, as part of the total owner-occupied housing finance commitments, rose to 17.2%, the highest since July 2013.

The number of first home buyer commitments also increased by 14%, the highest since December 2009.

In New South Wales the increases in owner occupied housing commitments increased by 1.3%, showing how much tougher it is locally compared to the rest of Australia.

However, it is a good sign overall, and of the 1,526 increase in loans in August, 1,264 were to first home buyers which is a big indication that they are returning to the market.