First home buyer numbers have fallen to levels not seen since 2017.
Record low interest rates in 2020/21 resulted in a significant number of first home buyers entering into the market. New loan commitments to first home buyers nearly doubled from a pre-COVID norm of 9,000 per month to reach a 13-year high of 16,343 in January 2021.
As potential home buyers face rising interest rates and declining affordability, loan commitments to first home buyers fell drastically, decreasing to 7,022 by February 2023.
💡 What implications will lower first home buyer participation have on the broader housing market in Australia?
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