Huge rise in first home buying during 2009

Thursday 18 February 2010

Article by Mozo

Last year saw a record number of Australians enter the property market for the first time.

Figures from the property research firm RP Data show that there were 191,000 first home buyers – almost 70,000 more than in 2008, the Australian reported.

The huge, 55 per cent jump in first home buying is no surprise given the federal government’s decision to double the first-home buyers grant to $14,000 for existing dwellings and raise the grant for new dwellings to $21,000 last year. The grants ended in December.

Potential homebuyers are now struggling to finance new purchases since the cutbacks in government support, with many drawn to compare home loans in search of the best deals. Last week it was reported that home loan approvals fell during December.

Western Australia was the most popular state for first-home buying last year thanks to the addition of state government incentives and soft property values in 2008.

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