The surge in first homebuyer activity reached a peak in March, declining for two consecutive months, according to the largest mortgage broker in Australia.
The Australian Finance Group (AFG) said in a report last week that 28.1% of all mortgages were arranged by first homebuyers in March, but that figure was down to 24.8% by May. That latest ratio is still above the historical average, but reveals a trend that the buying boom in the lower end of the market may be steadily tailing off and shifting to the middle.
While first homebuyer activity seems to have slowed, brokers are now gearing up for an increased level of interest from investors, with the latest AFG figures showing this segment is already starting to pick up in activity.
After an all-time low in March of 24.5%, investors accounted for 28% of loans in May, according to the report. Low rates and attractive rental yields have been enough to entice a growing number of investors towards a next purchase.
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