First homebuyers dive in

By Your Mortgage

The number of first homebuyers planning to buy within the next 12 months has risen 6% to 523,000 according to research from Wizard Home Loans.

The research revealed that an increase in household income among first-time buyers was driving the buying trend.

Mark Bouris, Wizard chairman, said: "We're seeing the emergence of a new breed of higher-income first homebuyer, with their sights set firmly on the property market as a way to build their wealth."

The data shows that growth in average household incomes has been led by first homebuyers with household incomes of $140,000 or more. The intention to buy in this group grew from 7% to 22% during the quarter to March.

The data showed that the average household income in Australia has risen to $93,000 from around $70,000 at the same point last year. 

On a state-by-state basis, the intention to buy a first home increased in every state and territory except NSW, ACT and Western Australia.

Queensland increase 44% from 62,000 to 89,000, Victoria increased 4% from 110,000 to 114,000, while South Australia increased by 23% from 48,000 to 59,000. Intention to buy in Tasmania increased by a massive 133% from 3,000 to 7,000 first homebuyers.

The figure for NSW and ACT was an 8% decrease from 235,000 to 217,000 prospective first homebuyers.