Investment in Australian homes by buyers grew slightly in May 2011, new figures have shown.
A report from the Real Estate Institute of Australia (REIA) revealed that the Australian Bureau of Statistics Housing Finance figures witnessed a 0.1 per cent increase in the investment market was seen during the month, marking the first upward movement in the measure for six months.
However, the number of first home buyers as a percentage of the total market fell slightly during the month from 15.8 to 15.4 per cent in May.
"The continuing low levels of finance commitments to first home buyers is a concern. First home buyers have been hit the hardest by the effect of interest rate rises," commented REIA acting president Pamela Bennett.
Meanwhile, the latest Roy Morgan Consumer Confidence Rating showed that just 18 per cent of respondents believed now to be a bad time to make major purchases for their homes.
This represented a year-on-year increase of one per cent in the index.
Posted by Craig Francis
A report from the Real Estate Institute of Australia (REIA) revealed that the Australian Bureau of Statistics Housing Finance figures witnessed a 0.1 per cent increase in the investment market was seen during the month, marking the first upward movement in the measure for six months.
However, the number of first home buyers as a percentage of the total market fell slightly during the month from 15.8 to 15.4 per cent in May.
"The continuing low levels of finance commitments to first home buyers is a concern. First home buyers have been hit the hardest by the effect of interest rate rises," commented REIA acting president Pamela Bennett.
Meanwhile, the latest Roy Morgan Consumer Confidence Rating showed that just 18 per cent of respondents believed now to be a bad time to make major purchases for their homes.
This represented a year-on-year increase of one per cent in the index.
Posted by Craig Francis
