 Changing buyers
While the Australian Bureau of Statistics reveal slowing first home buyer numbers, developers are counting on second and third home buyers.
BIS Shrapnel senior economist Jason Anderson said yesterday's housing finance figures showed a "passing of the baton towards upgraders and investors", which would be critical for economic growth next year.
Australian Bureau of Statistics figures for housing finance show first-home buyer numbers have fallen to 17,170 from 18,400 in June, which is falling from the high's seen following the grants and stimulus packages.
If second home buyers and investors step in to fill the first home buyer gap, it's hoped the recovering in the housing market would be sustained.
With interest rates still at record lows, many home owners may be looking to invest in a second property or upgrade to a bigger home. As the first home buyer market slows, investors are slowly coming back to the market.
From October 1, the boost will be halved to $7,000 for new homes and $3,500 for those buying established homes. The $7,000 grant will remain in place until the end of December.
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