Undeterred by the looming recession and threat of rising unemployment, first homebuyers led the strong recovery in mortgage sales in February, according to a new report.
Mortgage broker Australian Finance Group recorded a 40% jump in mortgage sales in the month of February after total sales volume dropped 26% in January from one year earlier. AFG sold a total of $2.6bn of mortgages - the highest volume since November 2007.
As with the national trend, the AFG Index also showed a majority of buyers were entering the property ownership market for the first time.
Progressively increasing from a low of 10.6% in April 2008, first-time buyers accounted for 26.1% of national mortgage sales for AFG. The leading area for first homebuyers was NSW, accounting for about 34.5% of all mortgages sold by the company, followed by Victoria at 26.8% and Western Australia at 15.6%.
Source: Your Mortgage Magazine: 12/03/2009
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