Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

FHBs choose existing over new properties

11 August 2009 Reporter

First home buyers are turning their backs on new property, instead setting their sights on existing stock, the Reserve bank of Australia said in its Monetary Policy on Friday.

Despite a pickup in finance approvals and the doubling of first home buyer interest in the past 12 months, the RBA highlighted the shortage of new housing.

“The prospective boost to housing construction has so far been less apparent in building approvals, which may partly reflect lags in the process,” The RBA Monetary Policy statement said.

About 75 per cent of applications for first home buyer grants have been for existing dwellings in the nine months since the grant was increased in October, according to data from the Australian Bureau of Statistics.

 

FHBs choose existing over new properties
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.