Key Facts:


– In September, mortgages were approved for 2,233 first home buyers, down from 2,481 in August.
– The average purchase price for first home buyers in September was estimated to be $674,479, slightly higher than August’s average of $661,304.
– The average size of mortgages approved for first home buyers in September was $561,129, with 31% of those being low equity mortgages.
– The average size of low equity mortgages approved for first home buyers in September was $630,277.
– First home buyers’ share of the total housing market has remained at 37% since June, after peaking at a record high of 39% in April and May.

Article Summary:


The number of first home buyers purchasing properties decreased slightly in September compared to August. However, those who did purchase homes paid slightly more on average and took out slightly larger mortgages. The average purchase price for first home buyers in September was estimated to be $674,479, up from $661,304 in August. The average size of mortgages approved for first home buyers in September was $561,129, with 31% of those being low equity mortgages where buyers had less than a 20% deposit. The average size of low equity mortgages approved to first home buyers in September was $630,277.

Since March, first home buyer activity has remained relatively stable with only small variations. Their share of the total housing market has been consistently at 37% since June, after reaching a peak of 39% in April and May. It is important to note that these figures only include sales that required a mortgage. The growth in first home buyers’ market share can mainly be attributed to reduced activity by other types of property buyers, such as investors and existing home owners selling properties to buy another.

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