“First Home Buyer participation in Australia’s mortgage market is now at its healthiest since 2012,” said Shane Garrett, Chief Economist for Master Builders Australia.
During the three months to August 2018, ABS data indicate that the portion of owner occupier mortgages accounted for by First Home Buyers (FHBs) reached 18.0 per cent.
“The strength of First Home Buyer engagement with the mortgage market is good news for Australia’s home building industry,” Shane Garrett said.
“FHBs are now a much bigger pillar of demand for new house and apartment building across Australia. As well as boosting building activity over the short term, having more home owners will be favourable from the point of renovations demand over coming decades,” he said.
“Along with the introduction of enhanced FHB incentives in NSW and Victoria, the strong pace of job creation is helping more and more Australians to become homeowners for the first time,” Shane Garrett said.
“This is another important benefit of our growing economy,” Shane Garrett said.