Canberra is the undisputed champion of first homebuyers, according to data released today by the Australian Bureau of Statistics.
More than one-quarter (25.6%) of all home loans issued in the ACT was for the benefit of a first homebuyer, according to the data, about 2.7% higher than the 10-year average. The move is likely tied to smaller loans, with the average loan size of $289,800 a full 6.5% lower than the average ACT loan of five years ago.
The shift sees ACT first homebuyers making up a share of more than 8 percentage points higher than the past 10 years.
Across the country, Western Australia, the Northern Territory and Queensland are lending to first homebuyers at rates higher than the average of the past 10 years, while South Australia, Tasmania, New South Wales and Victoria are lagging.
People’s Choice spokesperson Stuart Symons said the data showed the difficulties of finding a simple fix for all homebuyers.
“Loan values are higher in almost every state compared to the same time five years ago – by more than 16 per cent in Victoria – yet first homebuyers are increasingly making the commitment in half the jurisdictions,” Mr Symons said.
“It’s promising to see so many areas where first homebuyer shares are improving – we just need to look for every available opportunity to help them,” he said.
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