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More first-time buyers enter Australian property market

An increasing number of first-time buyers are purchasing Australian property.

It is good news that an increasing number of first-time buyers are entering the Australian property market.

 

 

This is according to the Real Estate Institute of Australia, commenting on new figures from the Australian Bureau of Statistics.

 

 

The Housing Finance report for March 2011 shows that the number of first-home buyers, as a percentage of total owner-occupied housing commitments, increased from 14.9 per cent in February to 16.0 per cent in March.

 

 

"It is positive news that first-home buyer numbers have increased (as a percentage of the market), but there is still a long way to go to see a healthy number," said David Airey, president of the REIA.

 

 

He went on to say, however, that the Reserve Bank of Australia (RBA) should not see this as a sign that it is OK to increase interest rates next month.

 

 

Earlier this month, the board of the RBA decided to leave the cash rate unchanged at 4.75 per cent.

 

 

Posted by Steve Douglas 

- first, price, property

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