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  • ben.franklin36 ben.franklin36 Apr 12, 2009 8:11 PM Flag

    Housing Crash nears in Oz Land

    "In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments increased from 26.5% in January 2009 to 26.9% in February 2009. This is the highest level recorded since the series commenced in 1991. Since the introduction of the First Home Buyers Boost in October 2008 the average loan size for first home buyers has risen from $264,500 to $280,600. The average loan size for all owner occupied housing commitments fell from $255,900 to $253,200 for the same period."

    I've bolded and underlined the important line. Let me repeat that just incase you missed it: "the average loan size for first home buyers has risen from $264,500 to $280,600."

    Got that? In the five months since the first home buyer boost was introduced, the average loan size of first home buyers has increased from $264k to $280k. That's an increase of 6%."

    from The Daily Reckoning

 
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