New statistics are showing a “dramatic” improvement in the number of first-home buyers in the market, bringing the numbers to a level not seen since the GFC, according to Rate City.
The comparison site said it hadn’t seen such an improvement in the three years since it began conducting the research.
“While the number of home loans financed each month hasn’t quite recovered since the GFC began in 2007, the proportion of first-home buyers are back to the ‘normal’ levels we experienced before the GFC,” said a spokesperson.
Across the states, ACT remains the most affordable, which is encouraging a steady stream of buyers into the market. Rate City also cited Canberra’s higher-than-average wages as a key factor.
NSW residents were found to pay the biggest percentage of their wages towards mortgage repayments, which was blamed on poor affordability.