Changing face of buyers

by Rachel Seymour 10/09/2009

 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.

Join the discussion on Trends & Where to Buy

source: The Australian
Bookmark and Share

 

Warning: The views and opinions expressed on this web site do not necessarily represent the views and opinions of Colt Hudson Pty Ltd or those of its employees and associates. Views and opinions have been provided by members of the general public for entertainment purposes only. The information provided on this web site is general advice in nature and does not constitute financial advice . As such it has been prepared without taking into account personal circumstances, lifestyle, financial situation or needs. You should not act on any information on this site without first speaking to an authorised finance services provider.