Competition for first home buyers is returning to Australia’s housing market as the HomeBuilder scheme is set to expire at the end of March and investors are beginning to make a comeback, according to John Healy from realestate.com.au.
He told Sky News lending to first home buyers increased by more than 87 per cent since HomeBuilder was launched in June, labelling 2020 “the year of the first home buyer”.
Mr Healy also pointed out property prices were on the rise across the nation.
“First home buyers now have this to contend with, a booing market in many areas around the country. We know property prices have risen 5.9 per cent in the 12 months to February, so that is an additional concern to first home buyers as well,” he said.
“They’ve also got the return of investors coming back this year also to give them a run for their money.”