According to home loan approval data released by Mortgage Choice, Western Australian and Queensland have the most active first-time buyers in Australia.
Buyers in Western Australian and Queensland accounted for almost 20% of loans written throughout February, while in New South Wales (NSW), they accounted for less than one in 20.
Mortgage Choice spokesperson Jessica Darnbrough said high median home prices in NSW were preventing first-time buyers from entering the market. “This is largely unsurprising when you consider that the state’s capital, Sydney, boasts the country’s highest median dwelling price,” she said. “In addition, New South Wales no longer offers grants or stamp duty concessions to those first home buyers purchasing an established property.”
First home buyers in NSW accounted for just 3.85% of all home loans written in February; contrastingly, Western Australian and Queensland had rates of 19.57% and 17.00% respectively. Victoria was the only state showing an increase from the same period in 2014, with first-time buyers accounting for 16.99% of loans written.