A rate cut this month would have improved affordability for first home buyers but may not have been enough to encourage a purchase, according to Real Estate Institute of Australia (REIA) President, Mr Peter Bushby.
“The proportion of first home buyers in housing finance commitments in December 2012 was 14.9% – less than half of that in May 2009 (31.4%) and well below the long-term average of 20.2%.
