Despite soaring house prices and interest rates, a significant number of first-time home buyers are still choosing to purchase properties. According to data from the Bureau of Statistics, in February, the number of home loans approved for first-time buyers increased by 4.3% compared to the previous month, and rose by 13.2% compared to the same period last year.
This trend indicates that despite the challenges posed by the current housing market, many individuals are determined to enter the property market for the first time. The increase in approved home loans for first-time buyers reflects their resilience and willingness to overcome financial obstacles to achieve their goal of homeownership.
The rise in the number of first-time home buyers obtaining mortgages suggests that they are taking advantage of various incentives or financial assistance programs offered to support their entry into the housing market. This data points to a positive outlook for the real estate sector, as it shows that the demand for homeownership among first-time buyers remains strong despite economic uncertainties and rising costs.