First-home buyers flood the market
First-home buyers descended on the nation’s estate agents in droves last month as the number of low interest home loans on the market shot up.
According to figures from the Australian Finance Group, home loan sales to first-home buyers increased 25.8 per cent, following similarly impressive stats from December.
Mark Hewitt, general manager of sales and operations at the group, said that the data is good news for the Australian economy as a whole.
“Younger people with reasonably secure jobs have become an important force in the property market during the past few months,” he said.
In addition to the raft of new low-interest home loans on the market, buyers have also been enticed by the first-home buyers grant and falling house prices, Mr Hewitt added.
And with the Reserve Bank cutting rates by a further 100 basis points this week, the number of first-home buyers getting on the property ladder may well continue to grow in February.