Housing Industry Association reports surge in first home buyers
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Sep 4, 2019
Housing Industry Association reports surge in first home buyers
First home buyers are continuing to take advantage of a less competitive environment and more affordable house prices, according to the Housing Industry Association
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DepositphotosThe Housing Industry Association said there has been a surge of first home buyers in the market.
The number of loans to first home buyers was up by 1.3 per cent for the month and 4.0 per cent for the three months to July, new figures show.
The ABS released the Lending to Households and Businesses data for July 2019 on Monday, presenting statistics on housing finance commitments, including for the purchase or construction of new dwellings.
Housing Industry Association Economist Angela Lillicrap said the data showed first home buyers accounted for just under one-third of the total market.
“The continued growth of this segment is important for the broader housing market,” she said.
“Market confidence is slowly returning with lending to households building and purchasing new homes remaining flat in the three months to July 2019 declining by only 0.8 per cent compared to the previous three months."
The ABS data also showed lending for established dwellings increased by a modest 0.5 per cent during the three months to July.
Ms Lillicrap said the lag between loan applications and final approval meant figures did not reflect the full effects of the tax cuts and the two RBA rate cuts.
"These changes should lead to more positive data as the year progresses,” she said.
Click here to view the Lending to Households and Businesses data.
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