Investors Out in Force in 2007, First Home Buyers Retreat |
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Written by Marc Pallisco
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Tuesday, 19 February 2008 |
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Recent figures released by the Australian Bureau of Statistics confirm what agents and buyers advocates have said all year about the 2007 real estate market – investors have been out in force.
According to the ABS, rental investors borrowed $15.6 billion last year to buy existing homes in Victoria – almost 30 per cent more than they did in 2006 and then times the amount of 1996.
Investors have been spurred by tax incentives, and a confidence in the rental market where rents have shown strong growth.
The amount of money lent to first home buyers was flat for the second year in a row. According to the ABS, 130,357 properties were finances by first home buyers in 2006. That number increased just 4 per cent to 135,242 properties, for 2007.
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