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First-time buyer house market 'growing'

The housing market for first-time buyers is continuing to grow in Australia, it has been claimed.

A growing number of young people are saving to buy their first house, which could make now a good time for those looking to invest in Australian property.

The Bankwest/Mortgage and Finance Association of Australia Home Finance Index has found that one in three potential home buyers are currently saving a fifth of their pay towards this goal, the Australian has reported.

Ian Rakhit, head of specialist banking at Bankwest, said: "The national savings rate has pushed through ten per cent and it seems that young buyers putting money aside for a home deposit are part of this trend."

He told the news provider that the signs are positive for the lower end of the market, with the availability of competitive mortgage deals being a key driver of this trend.

Steve McKnight recently told the Herald Sun that the strong Australian dollar is leading to a rise in the number of people investing in Australian property.

- first, grant, home, property market, Bankwest

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