Second or third home buyers are driving the latest influx of sales. Cashed up buyers are taking over where first home buyer have left off.
During most of 2009, it's been first time buyers dominating the housing market, as they rush to use the increased first home owners grant. But as the boost to the grant winds down, it's second and third buyers that are hitting the market.
Anne Webber Group principal says first time home buyers are still around, but the larger number of buyers in Ipswich were now the second or third timers.
Anne Webber also comments that as interest rates remain at their 49-year low of 3 per cent, existing homeowners are moving up into the next price bracket.
The Australian Finance Group (AFG) Mortgage Index showed that in the month of August, trade-up buyers accounted for 22.8 per cent of all mortgage sold, compared to just 14.3 per cent in February this year.
Australia's property market has shown remarkable resilience during the global financial crisis with property prices remaining steady, even increasing in many states. While the US and the UK saw massive falls in values, the Australian market has remained strong.
Low interest rates are helping with housing affordability and the boost to the first home owner grant supported a dramatic rise in the number of first home buyers entering the market.
By December 31 the grant will be reduced back to it's original $7,000 but currently first home buyers can receive a reduced boost on top.
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