Yesterday’s Australian Bureau of Statistics (ABS) release of housing finance data shows that first home buyers are being left behind in the housing market, according to Australians for Affordable Housing (AAH).
ABS figures show that, in original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 14.9% in December, 2012, down from 15.8% in November, 2012.
The months leading into the end of 2012 saw a notable decline in the proportion of first home buyers, compared to other home sales.
In an interview with Australian Broker, Real Estate Institute of Australia (REIA) president, Peter Bushby, says it’s important to stimulate the building market, but says he’s worried the government is putting too much emphasis on that area.
“We believe that they should be looking at doing more. In some states, there’s been a focus on just moving to new construction and we have issues with that because not every buyer wishes to build a new home…We agree with stimulating the building industry, but more needs to be done. First home buyers as a portion of the market have dropped and that’s a serious concern.”