First homebuyer numbers are now in decline as the targeted stimulus fades.
However, investment loans are now solidly on the increase - offsetting the decline in first-time buyers - leaving total housing lending ex-refinancing flat for another month at $32 billion.
Only Canberra/the ACT hasn't rolled over in terms of first homebuyer numbers, with everywhere else now in decline.
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The average loan size for homebuyers buying existing dwellings increased to a new high of $590,000.
The property market cycle has been characterised by first homebuyers and upgraders to date, but now it's the property investors taking over.
The rental market is extremely tight in many parts of the country, with rental price growth rising to the highest level in nearly 15 years, so this does make a certain level of sense.