Despite low activity from First Home Buyers in the recent month, data from the Australian Bureau of Statistics show that new home loan numbers remain strong. New dwelling construction has also increased by 2.3% last November 2013, showing signs that the property sector is keeping up with both home owners and investors.
Despite these efforts, home loans for new dwellings have decreased by 4.3% around the same time. Economists are still optimistic that this can encourage more activity in the property sector for 2014. Tasmania was not affected by the changes as it posted favorable gains at 2.4%, mainly driven by concessions that are readily available to first home owners. On top of the existing First Home Owners grant, some states and territories also offer a First Home Owner’s boost, and with that concession offered until the end of the year, it is forecasted that more first homeowners will take advantage of this in purchasing new homes.
Read more about this on the Property Observer website.