First Home Buyers Think Big

The size of the average home loan taken out by first-home buyers in Victoria has hit a record high, despite the fact that house prices are easing. Those first-home buyers rushed to secure their pile of bricks and mortar before the State Government axed its first-home buyer bonus. The number of loans written to first-time buyers in May and June hit the highest level since the start of 2010, according to the ABS.

The average first-home buyer loan stood at $289,600, eclipsing the previous peak of $289,500 recorded two and a half years earlier, when Melbourne’s property market was closing in on its median price peak. Real Estate Institute of Victoria Spokesperson, Robert Larocca, said he did not expect strong first-home buyer activity to show up in future ABS releases. First-home buyer bonuses were worth up to $19,500.

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