The federal government's First Home Loan Deposit Scheme was able to drive activity from first-home buyers over the first half of the year, latest figures from the National Housing Finance and Investment Corporation (NHFIC) show.
Around one in eight first-home buyers were able to access the scheme, according to a preliminary settlement data. Around one in six of all first-home buyers who were given the grant belong to the key workers' group, with teachers and nurses making up a significant share.
In terms of location, significant cities were still the top choice for around two in three in five buyers. More than half of homes purchased in state capitals were near the city-centre, only around 15 to 30 kilometres away from the CBD. The remaining third of buyers went for homes in regional markets.
The latest figures appear to indicate the broad appeal of the scheme, said NHFIC CEO Nathan Dal Bon. He said despite the impacts of the COVID-19 pandemic, demand for the scheme remained strong.
"First-time buyers across age and income spectrums around the country accessed the scheme, and we saw strong interest from buyers in outer metropolitan and regional areas," he said.
Over half of the scheme guarantees were issued to single home buyers with taxable incomes ranging $60,000 to $80,000.
Of the 10,000 places released over the six months to June, more than half of the homes had already settled. Around a third, on the other hand, had been granted pre-approval from their banks had started to look for a house to buy.
Majority of home buyers who were given access to the scheme purchased a detached house. Only around one in four went with apartments. A small portion of buyers at 5% used the grant to buy a townhouse.
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