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More & More First Home Buyers Are Entering The Market

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More & More First Home Buyers Are Entering The Market

New figures show more and more first home buyers are entering the market in Australia. 

Recent data show the proportion of new entrants taking out a mortgage in June was 15 per cent, up from 14 per cent in May and the highest in two-and-a-half years.

"First home buyers are fighting their way back into the market, clearly assisted by the new restriction on loans for investors, that is starting have a real effect," Treasurer Scott Morrison said in a Facebook post.

Commonwealth Bank senior economist John Peters expects stamp duty reductions announced by the NSW and Victorian governments, which began on July 1, may also generate some stronger outcomes in coming months.

This doesn't mean people feel good about it. 

However, a separate report on Wednesday shows concerns about housing affordability in the two states, worries surrounding interest rates and increased pressures on family finances are weighing on confidence.

The Westpac-Melbourne Institute consumer sentiment index fell by a further 1.2 per cent in August.

This was ninth consecutive month where pessimists have outnumbered optimists, the weakest run since 2008 and when the world entered the global financial crisis.

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