First Homebuyers Are Back
Rising rents and tight vacancy rates have resulted in an increase in First Homebuyers, according to Australian Bureau of Statistics figures.
Its latest lending figures show that the number of first-time homebuyers taking out loans increased by 20.3% in the year to November 2023.
ABS head of finance statistics, Mish Tan, says first homebuyer loan commits rose 3.5% during the month of November.
The amount they borrowed to get into the market also rose by 26% in the past 12 months to an average mortgage of $505,000.
It was the more affordable states, that recorded the largest number of first homebuyer commitments, with Queensland leading the pack in November (10.9% increase in the month), followed by Western Australia (4.7%) and South Australia (3.5%).
The ACT did record a 14.2% increase in first homebuyer loans in November 2023, although the ABS says those figures need to take into account that the market is smaller and more volatile than other States or Territories.
