First home buyers are now at there highest level since 2012, statistics released by the ABS show that in June 18 the share of loans to First Home Buyers has increased once again. Over the past 12 months the volume of first home buyer owner occupiers increased 11.4 per cent.
Victorian & NSW state government changes such as stamp duty incentives have successfully inspired more first home buyers to take action, at a time where the issue of housing affordability remains front and centre.
The latest figures are a great testament to the resilience of our property markets, the desire for the great Australian Dream and the continued need for new housing. At the same time due to banking regulation changes some investors have retreated from the market but according to REA still make up 50% of all off the plan sales in Melbourne, so things are nowhere near as bad for investors as certain media outlets would have you believe.
All in all, low and stable interest rates, less manic upward pressure on home prices, firm population growth and stronger job markets are continuing to support owner-occupier housing demand as well as the housing market in Melbourne as a whole
ABS figures show on average, 2,988 first-home buyers entered the market in Victoria per month; up from an average of 2,197 in 2017.