According to new ABS reports, first-home-buyer home loans rose to their highest level in December since late 2009. Master Builders chief economist Shane Garrett reports home loan volumes to FHBs rose 6.2 percent to mark a total of 9,606 a month. The last time they reported a higher monthly average was precisely 10 years ago-back in December 2009.
“The great news is that FHB has expanded its activity even more since the beginning of this year, The latest First Home Loan Deposit Scheme is already a big success and, once it is released, the official data will reveal bigger gains for FHBs.”
“There is a great opportunity for people to buy or build their first home at the moment. Apart from the assistance offered by the new First Home Loan Deposit Scheme, interest rates are at their lowest in many decades and house prices have stabilised after dropping back from the highs reached in recent years,” Shane Garrett said.
The owner-occupier market share of FHB was strongest in Western Australia throughout December 43 percent, led by Victoria 41 percent, Northern Territory 38 percent and ACT 33 percent respectively.
Figures from last week also suggest other parts of the housing market are well recovered. Loans from property investors grew for the third consecutive month and reached a 14-month peak during December, says Garrett.