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{{propApi.successMessage}} {{region}} Change locationMore than one in three loans issued to first home buyers
More than one in three loans issued to first home buyers
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The ABS released the Lending Indicators data for the month of July 2024 today, which provides the latest statistics on housing finance commitments.
“It has been ten months since the last rate increase, and home buying confidence is picking up across different borrower types,” added Mr Tapang.
“First home buyers have been resilient in this cycle, with the number of loans issued to this group increasing by a further 0.8 per cent in the month of July to 9,990.
“This leaves the number of loans issued in the three months to July 2024 to first home buyers 6.4 per cent higher compared to the same time in the previous year.
“Loans issued to first home buyers made up 35.4 per cent of the overall home buying market in the month of July, which is above the historical average of 30 per cent.
“There is this misconception that investors compete with first home buyers. This data shows that the two can both be very active in the market.
“Investors in the market have been important in adding to housing supply, particularly in this cycle, amid higher rents and low vacancy rates.
“The number of loans issued to investors building new homes in the three months to July 2024 rose by 26.7 per cent compared to the same time in the previous year.
“There were 24,630 loans issued for the purchase or construction of a new home in the three months to July 2024. This is 16.8 per cent higher compared to the same time in the previous year.
“As is expected, investors are the first segment of the market to return as they see through the macro-dynamics of house price growth and rising rents.
“It is expected that owner-occupiers will follow suit, which will see more of them flow into the new home market amid a return of confidence and certainty with build costs and timeframes,” concluded Mr Tapang.
The number of loans issued to first home buyers in the three months to July 2024 rose by 13.9 per cent in Victoria compared to the previous year, followed by the Northern Territory (+10.6 per cent), Queensland (+6.8 per cent), New South Wales (+4.1 per cent) and Tasmania (+1.7 per cent). In other jurisdictions, this number fell led by the Australian Capital Territory (-5.2 per cent), followed by more modest declines in Western Australia (-1.3 per cent) and South Australia (-0.9 per cent).
Over the same period, the number of loans issued for new home purchase or construction in the three months to July 2024 increased by 54.5 per cent in Western Australia, followed by Queensland (+17.5 per cent), South Australia (+11.0 per cent), New South Wales (+9.9 per cent), Victoria (+8.0 per cent), Tasmania (+5.0 per cent) and the Australian Capital Territory (+2.8 per cent). The Northern Territory was the only jurisdiction to record a decline, down by 4.4 per cent compared to the previous year.
First-time buyers share of home-purchasing loans
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More than one in three loans issued to first home buyers
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