AFG: First home buyers storming back
By Larry Schlesinger
|
08 Dec 2008
According to AFG's latest mortgage index, first homebuyers made a dramatic return to the market in November.
The aggregator arranged $474m in home loans for first time buyers - or 22% of all new mortgages, a 120% increase on the $215m it arranged for first timers only three months ago in August.
According to the AFG index, first home buyers accounted for a total of about $4.7bn of property purchases nationally.
The return of first home buyers boosted AFG's total mortgage sales figures to twelve month highs of $2.4bn.
Mark Hewitt, general manager sales and operations at AFG said: “In many ways there has never been a better time to buy a first home. Mortgage repayments are significantly lower than they've been for a long time and may go even lower. Property prices in many areas have become more affordable.”
He said buyers were keen to take advantage of generous government incentives while they're still on the table.
Queensland has seen the biggest surge in first home buyers with loan volumes increasing 152% in the past three months (from $57m to $144 m). Victoria was up by 120% (from $43m to $95m) and New South Wales rose 113% from $60m to $128m.
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