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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.
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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.
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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.
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