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Housing Data Shows First Home Buyers Favour Bigger States

Housing finance data released by the ABS for May shows that there are sharp improvements in the number of owner-occupier finance commitments to first-home buyers and mortgage holders. Over the month, there were 9,303 new loan commitments by first-home buyers, which represented an increase of 28.9 per cent from the previous month. Across each of the major states, there has been an improvement in the volume of first-home buyer finance commitments over the month.

The five largest states accounted for 95.9 per cent of all first-home buyer finance commitments, with New South Wales, Victoria and Queensland accounting for almost three quarters of all first-home buyer finance commitments nationally. It shows that first-home buyers have a clear bias for purchasing in certain states, mostly due to job opportunities, home values, rental costs and various incentives that may be in place.