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First-home buyer numbers increasing in Queensland

First-home buyer activity is on the rise in Queensland, according to the latest figures from the Australian Bureau of Statistics (ABS). 

The number of loans approved to these buyers in the state over August expanded by 14 per cent to 1,828, Domain reports, with this performance comparing favourably to the corresponding figure of 1,603 approved over the previous month. 

August's result is the highest monthly total recorded in 2016 so far - and it represents considerable growth on the 1,572 loans approved during August 2015.

A total of 13,494 housing loans for first home buyers have been approved by the state of Queensland over the first eight months of the year - and this is a three per cent increase on the number recorded for the same period last year. 

There was also a sharp increase in the value of the average first-home buyer loan approved, up by 2.6 per cent to $305,500. Not only is this the highest ever recorded in the ABS series but it is also well ahead of the previous high of $302,000 recorded in October 2015. 

Domain chief economist Andrew Wilson said the increase is a reflection of the affordability advantages enjoyed by first time buyers in Queensland compared to what is offered in most other states.

"The level of first-home buyer lending activity in Queensland as a share of total lending for housing is now second only to Western Australia with 18.6 per cent and remains just below the long term local state average of 15.6 per cent," he commented. 

"The proportion of lending activity by this group compared to total residential lending increased to 13 per cent over August, the highest market share since February."

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