First home buyers more prominent
First-home buyers are re-emerging as cornerstone of demand for new home loans. The Australian Bureau of Statistics said that first-home buyers accounted for 17 per cent of home loans in August, up from 12 per cent when investors dominated the property market two years ago. Falling and stable property prices in major markets, and the first-home buyer grant of $7000 and stamp duty concessions of $8000 on the average first home in some states are credited with the improvement. “The buy-versus-rent equation has flipped towards getting out of renting and into housing,” the Housing Industry Association, said.