First-home buyers are reclaiming their space in the South Australia's housing market, according to the latest market report from the Real Estate Institute of South Australia (REISA).
Citing figures from the Australian Bureau of Statistics, the report showed that the share of first-time buyers in the market hovered around 33% in each month between September 2020 and April 2021.
"This increase is a welcome improvement from the first seven months of 2020, when first-time buyers accounted for less than 29% of all state housing loans," said Barry Money, CEO of REISA.
Money said the applicants for the state's First Homeowners Grant over the 10 months of the 2020-2021 financial year have already exceeded that of the preceding year in terms of volume and total financial support.
"Record low interest rates as well as targeted government measures have provided strong incentives to enter the market," he said.
Money believes that the federal government's move to make access to superannuation easier and the expansion of the First Home Loan Deposit Scheme will enable more South Australians to break into the market.
He also believes that the efforts of the state government to transform the economy will attract more businesses to set up shop in South Australia, leading to more jobs.
“Higher incomes present greater opportunities to those seeking to purchase property, including those seeking to take their first step on to the real estate ladder,” Money said.
