Wednesday, 8 April 2009

What happens when the music stops?

First home buyers are continuing to do their bit to keep the building industry from completely collapsing. In February the number of first home buyer commitments reached 26.9% of the total. That is the highest proportion reached since the Australian Bureau of Statistics began collecting such data back in July 1991.
Since the introduction of the First Home Buyers Boost in October 2008 the average loan size for first home buyers has risen from $264,500 to $280,600. The average loan size for all owner occupied housing commitments fell from $255,900 to $253,200 for the same period. That makes you wonder what will happen if the government does not continue with its "boost" in the new financial year.
The importance of first home buyers is illustrated by the fact that in the four months from November last year to the end of February, the number of financial commitments by first home buyers was up nearly 17% while for other buyers commitments fell 25.5%
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