First time buyers continue to sit on the sidelines of the housing market, according to the latest housing finance data from the ABS.
According to May housing finance figures first time buyers made up 15.4 per cent of total owner occupied housing commitments.
This is well down on the long-run average of 20.1 per cent and the 28.5 per cent level recorded in April 2009, according to the Real Estate Institute of Australia.
“The continuing low levels of finance commitments to first home buyers is a concern,” REIA acting president Pamela Bennett said.
“First home buyers have been hit the hardest by the effect of interest rate rises. And with the impact on building costs of the just announced carbon tax expected to fall disproportionately on first home buyers, as the REIA continues to highlight, this group of buyers is edging closer towards endangered species status.”