69 pc more: huge source homebuyers have to tap

This homebuying group is heating up the homebuying market again but are more sensitive and savvier than ever.

First home buyers are back again providing a solid foundation for the property sales market. Across the nation, the number of first homebuyer loans in December last year was 12.9 per cent higher than the prior December.

The value of their loans was 21 per cent higher, according to the Australian Bureau of Statistics.

This suggests that first timers are out there in bigger numbers, amid the rising prices, with deeper pockets. There’s still some volatility in FHB commitments suggesting some wise sensitivity to overzealous buying.

While the volumes are heading higher, FHB numbers still sit well below the past heightened government-induced peaks including in the Covid-19 pandemic in 2021, and in 2009 after the global financial crisis.

First timers are out there in bigger numbers, amid the rising prices, with deeper pockets. Photo Steve Pohlner

The latest 2024 data in NSW reveals $49m in grants, concessions and exemptions to around 2400 FHBs during January. The top locations were Campbelltown, Wentworthville, Gosford, Wentworth Point and Blacktown.

There were $867m incentives to some 38,000 FHBs in the 12 months to January 31. Topping the annual list, Box Hill saw some $21m in government support, followed by North Kellyville, Liverpool, Wentworthville, Campbelltown, Schofields, Blacktown, Macquarie Park and Lidcombe.

FHB incentives have been around since 2000 totalling $13.5bn topped by Liverpool where 26,000 buyers have been the beneficiary of $277m over the past 23 years. There was a change mid-last year under the Minns Government when the First Home Buyers Assistance Scheme was expanded, increasing the threshold for a stamp duty exemption from $650,000 to $800,000 and lifting the stamp duty concession threshold from $800,000 to $1m.

All up, 18,700 have been helped into ownership in NSW since last July saving up to $30,735 in stamp duty exemptions and concessions.

The top suburbs receiving assistance since July remained in Western Sydney with the top regional locations being Wagga Wagga, Queanbeyan, Wallsend, Tamworth and Dubbo.

Some 4600 NSW FHBs purchased a home for between $800,000 and $1m.

“This is 18,000 people who would now have a place in NSW to call home,” NSW Premier Chris Minns said this week.

“They will build lives here, open businesses, have families and create a future in our state.

“I remember the relief I felt when I bought my first home.”

Minns’ first home was a two-bedroom Mortdale flat that cost $326,140 in 2010. It was sold for $356,000 in 2012.

Data from Jarden Australia suggests 75 per cent of FHBs now have family assistance in purchasing, with 15 per cent receiving $92,000. Back in 2010, Digital Finance Analytics (DFA) put it at just six per cent getting help from the “Bank of Mum and Dad” at $23,500 average assistance.

Originally published as 69 pc more: huge source homebuyers have to tap