Current first home buyers least active – ever

The number of first home buyers reached record lows in the final months of 2013.

The latest ABS data indicates the proportion of all property sales made by first home buyers fell to just 12.3% in November, the lowest figure since records began in July 1991.
The first home buyer activity was also well below the long-run average of 19.9% of all sales.

In light of the figures, REIA president Peter Bushby has called on all governments to review their support for first home buyers.

The continued fall of first home buyers is despite overall growth in mortgage related loans – a reflection of the low interest rates environment at the moment, Real Estate Institute of Australia president Peter Bushby said.

Housing finance figures for November 2013 show, in trend terms, that the number of owner-occupied finance commitments rose by 0.6%, following increases of 0.8% in October and September. This is the lowest monthly increase, in trend terms, since January 2013.

If refinancing is excluded, in trend terms for November, the number of owner-occupied finance commitments increased by 0.7%.

“Increases were recorded in New South Wales, Tasmania, Queensland and Western Australia, with Tasmania having the biggest rise, up 2.4%. The Australian Capital Territory’s fall of 1.4% was the country’s largest,” said Bushby.

“In trend terms, the number of commitments for the construction of new dwellings climbed 1.1% and the purchase of established dwellings went up 0.7%,” he said. “However the purchase of new dwellings fell by 0.6%.”

The value of investment housing commitments continued to increase, with a rise of 3% in November resulting in well over two years of consecutive monthly increases. 

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