The housing finance data for August 2016 was released this week by the Australian Bureau of Statistics (ABS).
The report reflected that the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 13.4% from 13.2% in July 2016 however, on a like-for-like basis (adjusting for seasonal factors) there was no improvement, with a significant drop from 14.1% in August 2015 to 13.4% in August 2016.
The amount of first home buyers in Australia is essentially much lower than previously reported, despite already being close to record lows, after the Australian Bureau of Statistics revised key figures over a four-year period.
The number of first home buyers, already around record lows, saw numbers drop even lower. In the original ABS numbers, 14.1% were home buyers in July 2016, but that has been revised lower to 13.2%.
Average first home buyer loan size jumps in NSW, NT & QLD, plummets in TAS
NSW – Up 4% from $351,900 to $365,900
VIC – Down -1.7% from $320,600 to $315,100
QLD – Up 2.6% from $297,700 to $305,500
SA – Up 1.1% from $263,200 to $266,100
WA – Up 1.1% from $317,700 to $321,100
TAS – Down -15.2% from $255,800 to $216,900
NT – Up 15.8% from $272,200 to $315,300
ACT – Down -4.5% from $326,100 to $311,300
NATIONAL – Up 0.6% from $316,300 to $318,300
NT recorded a significant increase in the average first home buyer loan size, which could be credited to the signs of improvement in the Darwin property market.
Regardless of fears about the Melbourne property market, the average first home buyer loan size in Victoria is still lower than the average in WA, even with the significant downturn in the Perth property market over the last few years.
It is imperative for first home buyers not to stretch themselves when buying your first home.
It’s a great idea to talk to a Mortgage Broker to determine your borrowing capacity and loan serviceability. At mortgage choice, we take the stress out of obtaining a home loan, with award winning service and strong history we can determine what product is best for you and your situation.
Mortgage choice offers a free, no obligation service plus we do all the leg work for you.
For more information contact Tim and the team at Mortgage Choice Northern Rivers today - (02) 6684 7096