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top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
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top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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FHBs jostle with investors

By Staff Reporter
07 October 2014 | 1 minute read

First home buyers were largely pushed out of the September spring selling season as investors drove the number of home loans to a record high.

Analysis of mortgage approvals conducted over September by the Australian Finance Group found a fall in the number of approvals to first home buyers by nearly half. During September, first home buyers accounted for 8.4 per cent of new loans.

The figure normally comprises 15 per cent of all loans.

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AFG general manager of operations Mark Hewitt said investors both onshore and overseas have created strong demand for Aussie properties during the previous month and as a result he is concerned about first home buyers getting a foot in the Aussie market.

“Historically, this segment has compromised around 15 per cent of all the loans we process, but in recent months this figure has fallen into single digits,” Mr Hewitt said.

“With countries like Canada making it more difficult for overseas residents to invest in property, very strong demand from investors can be expected this spring.”

The Canada-China bilateral investment treaty came into force on October 1 and provided specific obligations in how to treat foreign investors onshore.

The First Home Buyers Report released last week by listings provider realestateVIEW found affordability of local housing is playing a significant role in driving up the average age of first home buyers.

Over 35 per cent of respondents to the survey have not purchased a house because they believe prices are too high.

RealestateVIEW general manager Petra Sprekos said affordability will continue to be a long-term issue.

“The government was on the right track when it introduced stamp duty concessions for first home buyers, but the grants for buying a new home are far greater than for an established property,” Ms Sprekos said.

FHBs jostle with investors
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Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to 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.