A recent survey by National Australia Bank (NAB) has found that first homebuyers were at their highest level since 2011 in the December quarter.
The survey found that first homebuyers accounted for almost two in five sales in new housing markets, and around one in three in established markets.
At the same time, foreign buyer demand declined, hitting a six-year low.
Another key finding of the survey was that sentiment towards Australia’s housing market remained at above-average levels in the fourth quarter of 2017.
But a decline in the key market of Sydney has seen momentum shift elsewhere.
Respondents of the survey reported that they expect the trend to continue throughout 2018.
“Clearly, the efforts of policymakers both domestic and offshore to stem the tide of foreign capital entering Australian property markets are bearing fruit. Perth is expected to stabilise, marking the beginning of a gradual turnaround for the market.” said NAB Chief Economist Alan Oster.
Source: ABC News