According to the latest market report from the Real Estate Institute of South Australia (REISA), first-time homebuyers are claiming their place in the South Australian housing market.
Citing figures from the Australian Bureau of Statistics, the report showed that the market share of first-time buyers hovered around 33% each month between September 2020 and April 2021.
"This increase is a welcome improvement over the first seven months of 2020, when first-time buyers accounted for less than 29% of all state home loans," said Barry Money, CEO of REISA.
Money said applicants for the State's First Homeowners Grant in the 10 months of fiscal year 2020-2021 have already surpassed that of the previous year in terms of volume and full financial support.
"Record high interest rates along with targeted government measures have provided a strong incentive to enter the market," he said.
Money believes that the Federal Government & # 39; s decision to facilitate access to retirement pensions and the expansion of the First Home Loan Deposit Scheme will allow more South Australians to enter the market.
He also believes state government efforts to transform the economy will attract more businesses to South Australia, which in turn will create more business. jobs.
"Higher incomes provide greater opportunities for those looking to purchase property, including those looking to take their first steps into real estate," said Money.
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