I still wonder how much of the first home buying hitting the stats now is actually people buying now vs properties they bought off the plan 1-3 years ago settling. It would be interesting to see the breakup of lending to existing properties vs new builds for first home owners. Where I am in Sydney a lot of projects which only required an initial upfront deposit have been completed in the last 6 months and a fairly large portion of those properties are owned by first home buyers.
As a result they haven't actually bought at the top of the market many would be sitting on properties which have risen 10-25% before they even settled.
