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Slight rise in first time buyer activity

By webmaster
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First home buyer financing activity reached an eight month high in November according to new figures released by the Australian Bureau of Statistics today.

According to the ABS, the number of first home buyer loans, as a percentage of all owner-occupied loans, rose to 15.6 per cent in November 2010, compared to 15.4 per cent in October.

General housing finance activity also recorded a modest increase, in what was the third monthly improvement in a row.

The total value of dwelling commitments rose by 1.2 per cent, the ABS said, pushed along by a 2.9 per cent rise in the value of owner occupied housing loans.

Mortgage Choice spokesperson Kristy Sheppard was pleased with the result.

“However, we must keep in mind that variable home loan interest rates increased over November and it often takes a few weeks for a home loan application to reach the unconditional loan approval stage,” she said.

“December’s housing finance data will provide a better picture of where new property buyers stand.”

“Still, with housing price growth having slowed alongside our continued strong population growth and healthy employment situation, there are plenty of opportunities out there for buyers who do their research, are confident of their finances and can withstand possible future interest rates rises.”

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