First home buyer numbers rise for the second consecutive month to a seasonally adjusted 2.2%, according to the Australian Bureau of Statistics. Master Builders Chief Economist Peter Jones believes that this will provide inspiration to the growing confidence of first home buyers as they make their presence felt in the market again.
In the 2013 and 2014 fiscal year, new home loans have increased by 12%, attributing to low market rates and high construction activity, both conducive for first home buyers. New home loan building is also at a four – year high of 13.2%. Although this is still below the long term average of 20%, first home buyer data is in an upward trend. Economists are expecting this to continue, as first home buyers are trying to make their presence felt back into the market.
Read more about this on the Property Observer website.