The peak of first home buyer activity has now passed, according to AFG, who has recorded its second consecutive decline in first home buyer sales, but investor activity is on the rise.
The proportion of first home buyers as a total of AFG’s monthly mortgage deals fell to 24.8% in May 2009, compared to its peak of 28.1% in March 2009.
While first home buyer activity remains above trend, AFG said the figures suggested the boom was over.
Investor activity, in contrast, is heating up, increasing over the past two consecutive months from an all time low of 24.5% in March 2009 to 28% in May 2009.
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