Mixture of both investors and owner occupiers. Quite a few FHB who are currently living at home or renting and have bought a unit or house and waiting to move into it too.
Many have locked in prices long ago too, anyone who has bought off the plan say by the end of 2014 will still get their money back by the time it's built if prices were to drop 10-20+%. A mate at work bought some land at the end of 2014 for $334k, that same block would now sell for $470-510k so by the time their place is built by the end of 2016 the market would have dropped a lot for him to be in the red.
Land sales out my way back in late May/early june were $369k for a 450sqm block these were up to $410k in the release 2 weeks back. So even if the market drops 10% everyone that bought up until May still gets their money back and that's presuming that actually need/want to sell.
Pop growth through immigration plus more Gen Y people finally leaving home to rent or buy will keep the market stabilized IMO.
