First home buyers sign up for bonus

Thursday, 19 Jul 2012

First home buyers in Victoria have sprung into action after the state government suggested the $13,000 new home bonus could soon be coming to an end.

Andrew Perkins, head of research at Oliver Hume, said the number of people getting on to the property ladder for the first time across the state has reached an all-time high.

He told News Limited: "First-time buyers are currently accounting for about 75 per cent of sales in the growth areas, which is stronger than I've ever seen."

Findings show that 51 per cent of first home buyers are couples, while 60 per cent were renting at the time of their purchase.

Furthermore, around 60 per cent of them are employed as managers or professionals.

The latest NAB Residential Property Index showed that during the June quarter, house prices throughout Australia fell by two per cent.

Victoria posted the biggest falls, which may make its property market even more appealing to those looking to make their first purchase.

Queensland saw its prices fall by 1.7 per cent, while the Northern Territory and South Australia both experienced 1.6 per cent declines.

First home buyers were shown to be especially active during the second quarter of the year.