THE latest ABS housing finance figures for June 2018 indicate that First Home Buyers accounted for 18.1 per cent of owner occupier home loans during the month.<\/p>\n
HIA senior economist Shane Garrett said that the First Home Buyer share of owner occupier housing loans increased again during June 2018 and is now at its highest since late 2012.<\/p>\n
\u201cOver the past 12 months, the volume of first home buyer owner-occupier loans has increased by 11.4 per cent.<\/p>\n
\u201cThere are a few reasons behind this welcome trend, several state governments, including NSW and Victoria, have enhanced their incentives giving the first home buyer segment a new lease of life.<\/p>\n
\u201cIn recent years, record numbers of newly built apartments have also come on stream.<\/p>\n
\u201cIn terms of design and price point, many of these are particularly suited to first home buyers and have made the purchase of their first home possible.<\/p>\n
\u201cOn balance, the slowdown in dwelling price growth over the past year and ongoing low interest rates have also been favourable for those seeking to access the market for the first time.<\/p>\n
\u201cIn contrast, the value of housing investor loans hit a five-year low during June and has declined by 22.4 per cent since its peak at the beginning of last year.<\/p>\n
\u201cInvestment participation in the housing market plays a key role in delivering new housing supply and is vital to the healthy functioning of rental markets right around Australia.<\/p>\n
\u201cRecent policy and regulatory changes have made it more difficult for investors to participate in the housing market.\u201d<\/p>\n
With the population clock having just ticked over to 25 million sooner than predicted, it is more important than ever that housing supply is kept strong to ensure affordable housing for future generations.<\/p>\n
HIA deputy managing director Graham Wolfe said that in 2002, the first Intergenerational Report estimated that Australia would reach a population of 25.3 million in 2042.<\/p>\n
\u201cThe 2007 report suggested this target would be reached in 2027 and by 2010, our population was 22 million and the IGR estimated the population would exceed 25 million by 2020.<\/p>\n
\u201cAustralia\u2019s population just passed the 25 million milestone last week as growth has clearly occurred faster than the experts predicted.<\/p>\n
\u201cThe latest Intergenerational Report (2015) now predicts that Australia\u2019s population will reach 39.7 million by 2055.<\/p>\n
\u201cIf these predictions are to be realized we must find a way to keep new, affordable homes coming into the market to ensure supply is maintained across the country.<\/p>\n
\u201cTo do otherwise would see Australia continue a pattern of undersupply, ongoing affordability challenges and further reductions in home ownership rates.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
THE latest ABS housing finance figures for June 2018 indicate that First Home Buyers accounted for 18.1 per cent of owner occupier home loans during the month. HIA senior economist Shane Garrett said that the First Home Buyer share of owner occupier housing loans increased again during June 2018 and is now at its highest […]<\/p>\n