First-home Buyers Back

First-home Buyers Back

First-home buyers are making a comeback with home loan approvals for that sector on the way up.

Australian Bureau of Statistics figures show the number of new loan commitments to first-home buyers is up 9.9% year-on-year and 4.5% for the month of March.

The value of new home loan commitments for first-home buyers is up 17.9% year-on-year and up 4.4% for March to a total value of $5.19 billion.

This follows first-home buyers' home loan approvals reaching their highest level since the Covid pandemic in the January 2024 quarter.

Tasmania had the biggest increase in loans to first home buyers of 12.9%, followed by Victoria 5.8%, Queensland, 4.2% and Western Australia, 2.8%.

Loans to FHBs increased by 1.6% in the ACT while they fell in South Australia (- 5.9%), New South Wales (-0.5%) and the Northern Territory (-14.5%).

First-home buyers are turning to the market as it becomes harder to find an affordable rental property. New analysis by Ray White shows the number of rental properties available for less than $500 a week has almost halved (47%) in the past 12 months.