Investment Purchases Fill The First Home Buyer Gap
Loans for owner occupied housing increased in all states and territories, except Tasmania and the ACT.
The figures for the number of loan commitments are now similar to those of two years ago.
“The figures also reflect the impact of the decline in first home buyer activity, which decreased from a high of 27.1 per cent to 25.2 per cent; a figure that still remains well above the long term average of 20.1 per cent,” continued Mr Fisher.
“This is an indicator of what can be expected between now and the end of the year, as the First Home Owner’s Grant Boost (FHOG Boost) is phased out,” he said.
“The gap in the market left by first home buyers is being taken up by increased investment interest.
The value of investment housing commitments was up by 1 per cent in value terms. This is the sixth consecutive month that purchases of dwellings for investment have increased,” Mr Fisher concluded.
