NSW investors storm the market as first homebuyers step back

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Investors in NSW dominated the property market, taking a whopping 33.4% of all home loans sold by Australian Finance Group in September. This compares with 29.6% for Queensland, 28% for WA and 27.9% in Victoria.

The AFG Mortgage index also showed an overall recovery in investment loans to 29.8% from 27.1 in August.

"Having spent most of the first half of 2009 well below the long term average of around 30%, this latest figure confirms returning confidence among property investors," said Mark Hewitt, general manager of sales and operations, AFG.

Average mortgage hit $360,000 for the first time in September, supporting the view that both consumer confidence as well as house prices are on the rise.

However, the expected last minute rush by first home buyers to buy property in September didn't occur.

"There was a lot of anticipation about a surge of first home buying activity in September - but this never materialised. It suggests that most of the demand had already been pulled forward as a result of speculation prior to the federal budget that the increased grants would not continue," he said.

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