NAB says its lending to market newcomers in the first four months of the year surged 67% on 2020, with April being the peak.
It also says lending is up 9% on the final four months of 2020, when buyers started to re-enter the market in force, although lending for regional properties eased off by 4% as outer metro suburbs became the clear preference of more buyers.
Activity is also returning to inner-city apartments, where prices are relatively subdued following pandemic lockdowns last year.
NAB executive for home ownership Andy Kerr says the level of first-home buyer activity is uniquely high. But he says the demand, which has prompted the national median price to lift more than 10% in the past year, is causing problems for some aspiring home-owners.”
