PHOTO: First home buyers
After the domination of first home buyers in the 2020 property market, investors are expected to make their market comeback this year.
Following the introduction of the federal government’s First Home Loan Deposit Scheme, the pandemic further accelerated first home buyer activity across property markets as affordability improved and government assistance schemes were put in place.
According to the latest Property Outlook Report by REA Insights, first home buyer inquiry was up by 62 per cent in 2020, while investor inquiry over the same period declined by 5 per cent.
Across the country, it was Melbourne CBD units that saw the highest level of first home buyer enquiry last year, the report noted.
“This was likely driven by renters deciding to become buyers, as well as competitive pricing for many apartments during the pandemic,” REA Group’s chief economist, Nerida Conisbee, said.
Apart from increased interest, the Australian Bureau of Statistics (ABS) also noted a record number of owner-occupier first home buyer loan commitments since October 2009.
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