First home buyers now the prime force in property market

Data from the Australian Bureau of Statistics shows that between 2000 and 2500 more first home buyers are taking out loans each month compared with a year earlier, as they replace investors in the property market. Almost half the emerging crop of first home buyers are in Victoria. The Real Estate Institute of Victoria said 22 per cent of all buyers in April were first home buyers, up from 14 per cent in January 2004. The REIV said there had been a cooling of what had been an overheated market.