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First home buyers keen

First home buyers returned to the market in strength during March, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest housing finance figures show that the number of new owner-occupier first home buyer loans rose 15.8% in March 2023 (seasonally adjusted), after reaching a five-year low in February.

ABS head of finance statistics Mish Tan noted, however, that despite the rise, the number of loans to this sector remains 22% lower than at the same time the previous year.

“During the second half of 2020, first home buyer lending reflected the strength in demand for housing during the pandemic, with new commitments peaking in January 2021 and declining by half since then,” Dr Tan said.

The overall value of new loans for housing rose 4.9% to $24.0 billion in March 2023. The value of total owner-occupier loans rose 5.5% to $16.0 billion, while new investor lending rose 3.7% to $8.0 billion.

The value of new owner-occupier lending in March remained 25% lower compared to the same time last year, while new investor loans were 29% lower.

The value of refinancing between lenders rose 3.9% to another record high of $14.2 billion in March 2023, as borrowers continued to switch lenders for lower interest rates.

About Adam Nobel

CEO | Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 22 years experience in property investment, and 16 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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