Australian Bureau of Statistics’ latest data reveals a continued increase in housing finance activity, driven by first home buyers and investors.
The total value of dwelling commitments rose by 3.6% in April to $21.547 billion, seasonally adjusted, to be up by 10.7% on the same month last year.
Investor finance rose by 8.9% over the month to $5.497 billion, seasonally adjusted, with First Home Buyers also continuing to rise, to 28% of all owner occupied loan applications.
Concerns in some areas about a property bubble developing at the lower end of the market with houses priced under $400,000 continue, however this month’s figures showed the average first home buyer loan size fell by $2,500 to $283,400.
This first home buyer loan size is $50,000 more than that recorded at the same time last year.
The Federal Government’s First Home Owners Grant Scheme will continue this wave of buying until it is cut back on 1st October 2009,
