Friday, 11 November 2011

Factual Proof that the buyers are HOT AGAIN why read all about it.

Factual Proof that the buyers are HOT AGAIN why read all about it.

Lois Buckett Blog - this is a great blogg

Investors knock first home buyers out of the market

Thursday, 27th Feb 2014

Purchasing a house
Low interest rates have not been enough to spur on the first homebuyer market, which continues to dwell at historic lows.
First home buyers currently make up only about 12 per cent of new loans financed according to figures from the Australian Bureau of Statistics.
That figure has hovered around there since September last year, reaching its lowest level of 12.3 per cent in November and clawing back a little traction in December at 12.7 per cent.
Nationally the glory days (of glory month) for first home buyers was in April 2009 when they made up a third of buyers.
The latest data, for the month of December, revealed Victoria had the largest number of first home buyers in December, with 1740 taking the plunge.
The average size loan in that state was $295,500.
First home buyers in the Northern Territory, of which there were only 57 in December took out the largest average loans in the country of $365,900.
Buyers in Tasmania were getting into the market for a lot less with the average size of a loan $218,900.
John Edwards of Residex and analyst for said investors were crowding first home buyers out of the market.
He said the value of loans to investors increased by 2.3 per cent in the final quarter of 2013.
“Investors are currently taking advantage of low interest rates, particularly older generations who are now investing in property through their self-managed super funds,’’ he said.
“As a result younger buyers and those looking to buy a first home are finding it increasingly difficult to afford to purchase property, especially in Sydney and Melbourne and are therefore having to rent.’’
Victoria — 1740
Western Australia — 1511
New South Wales — 1321
Queensland — 1166
South Australia — 649
Tasmania — 127
ACT — 89
Northern Territory — 57
Source: ABS all figures are Dec. 2013