First home buyer activity in South Australia is well above the national average, according to the latest Australian Bureau of Statistics (ABS) data.
While at a national level first home buyer activity fell to 12.5 per cent, in South Australia first home buyers accounted for 17.7 per cent of total commitments.
John Oliver, chief executive officer of HomeStart Finance, said the result is very positive and shows the South Australian first home buyer market is very much in recovery.
“First home buyer activity in South Australia has been above the national average for more than 12 months now, and trending upwards over the longer term,” Mr Oliver said.
“We’ve had a relatively flat property market in South Australia for a number of years now, with no major peaks or troughs in prices. Coupled with low interest rates, it has increased affordability for first home buyers and enabled many to break into the market.”
Mr Oliver said conditions in the state are accommodating first home buyers, with an abundance of land available for construction and government assistance on offer, particularly for construction.
“Since the beginning of 2011, we’ve seen first home buyer activity in South Australia trending upwards, and in 2013 we’ve seen activity at levels close to the 20-year average,” he said.
“Importantly, the figures we’ve seen in recent months build a positive picture for South Australia’s housing market and first home buyer activity for 2014.”