The property market is going from strength to strength, with the latest housing finance figures from the Australian Bureau of Statistics showing significant growth.
Data from the ABS found that the total value of dwellings commitments, excluding repairs and alterations, rose 5.3% in September.
Owner occupied commitments climbed 4.4% over the month, while the value of investment housing commitments rose 5.2%.
More than $25 billion worth of housing finance was recorded during the month of September – significantly higher than the predicted $24 billion.
This jump in housing finance commitments can, in part, be attributed to the growth in the median home loan size.
According to the ABS, the average loan size for all owner occupied housing commitments rose $5,600 to $305,400 over the month of September.
Similarly, the average loan size for first home buyers grew – rising $4,800 over September to sit at $290,800.
But while the average loan for first home buyers is on the rise, the number of first home buyers entering the market fell yet again.
First home buyer commitments as a percentage of total owner occupied housing finance commitments fell 1.2% to 12.5% - a level not seen since March 2004.
Just because fewer first home buyers are jumping onto the property ladder, doesn't mean now isn't a good time to buy.
With rates continuing to hover around historical lows, and Australia's lenders proving they are hungry for business, now may be a great time to consider your property options.
To find out if you qualify for a home loan and what solution is right for your needs, speak to your local Mortgage Choice broker today.