1. The Scheme share of the First Home Buyer market has grown significantly, with close to 1 in 3 first home buyers in 2022-23 being supported by the Scheme.
2. The number of guarantees issued in 2022-23 increased sharply, supporting around 41,700 Australians into home ownership.
3. The Regional First Home Buyer Guarantee (RFHBG) has helped support strong demand in regional areas, with around 10,860 guarantees issued in 2022-23.
4. An increasing proportion of younger buyers are participating in the Scheme, with more than 1 in 2 places taken up by people under the age of 30 in 2022-23.
5. The Scheme is helping a growing number of key workers to purchase a home, with around 7,721 guarantees issued to key workers in 2022-23.
The Australian housing market has witnessed a transformative shift in recent years, with the First Home Buyer Scheme playing a pivotal role in reshaping the landscape. The Scheme, designed to support and facilitate first-time homebuyers, has seen remarkable growth and success in the fiscal year 2022-23. Here’s a detailed breakdown of its achievements:
- Significant Market Share: The First Home Buyer Scheme has made a notable impact on the market. In 2022-23, nearly one-third of all first home buyers were beneficiaries of the Scheme, highlighting its widespread acceptance and effectiveness.
- Surge in Guarantees: Reflecting its growing popularity, the number of guarantees issued under the Scheme saw a sharp uptick in 2022-23. Approximately 41,700 Australians were ushered into homeownership, thanks to the support provided by the Scheme.
- Boosting Regional Demand: The introduction of the Regional First Home Buyer Guarantee (RFHBG) has been a game-changer for regional areas. With around 10,860 guarantees issued in 2022-23, the RFHBG has invigorated demand and facilitated homeownership in these regions.
- Younger Demographic Participation: The Scheme has resonated particularly well with the younger demographic. Data from 2022-23 reveals that over half of the Scheme’s beneficiaries were individuals under the age of 30, underscoring its appeal to younger Australians eager to step onto the property ladder.
- Supporting Key Workers: Recognizing the essential role of key workers in society, the Scheme has extended its support to this segment. In 2022-23, around 7,721 guarantees were issued to key workers, enabling them to secure a home and further strengthening the fabric of our communities.
The First Home Buyer Scheme’s achievements in 2022-23 are a testament to its effectiveness and the positive impact it has had on the Australian housing market. By catering to diverse segments of society, from young individuals to key workers, the Scheme has proven to be an invaluable asset in promoting homeownership and fostering a robust housing ecosystem. As we move forward, the continued success of the Scheme offers a promising outlook for prospective homeowners and the broader real estate sector.