Posted: 6 October, 2016
Things Are Even Worse For Australian First Home Buyers Than We All Thought
Australian first home buyers are having even less luck on the property market than previously reported.
This week the Australian Bureau of Statistics announced that it was revising its first home buyer statistics as the numbers reported were too high. The ABS previously stated that first home buyers made up 14.4% of the market but the true figure is actually 13.2%, according to news.com.au.
For the month of July 2016, the number of first home buyers has now dropped from 7,586 to 7,121, a difference of 465.
First home buyers are defined as people entering the home ownership market for the first time as owner occupiers. Investors are not included in these statistics.
This is the second time the ABS has revised its first home buyer statistics.
“In 2014, it was established that some lenders were reporting only loans extended to first home buyers who had also received a First Home Owner Grant instead of all first home buyers. As this would have resulted in an underestimation of the number of first home buyers, the ABS adjusted the estimates to account for the under-reporting,” a post on the ABS website says.
First home buyer data is collected by mortgage lenders and banks and then reported back to the ABS.