NAB first home lending hits record high as inner city apartment buying picks up
First home lending by the National Australia Bank has hit a record high.
"Low interest rates, government incentives and greater working flexibility continue to allow first home buyers to get into their first place with April the strongest month in a generation," NAB executive for home ownership Andy Kerr said.
Its first four months 2021 saw its lending to first timers surge 67 per cent on 2020.
Its lending was up 9 per cent on the final four months of 2020, with activity is returning to Inner city apartments.
Outer metropolitan buying remained strong.
Kerr said buyers are back in Victoria
"It's a bounce-back story for Victoria in 2021," Kerr told Nine News.
Mount Waverley saw the biggest jump in demand from first home buyers, up 180 per cent, compared with the same period last year.
Richmond, Croydon and Berwick all rose more than 140 per cent.
Buying at Wollert, Glen Waverley, St Albans and Glenroy rose by between 45 percent and 59 percent.
Kerr said the level of first-home buyer activity was unusually high.
“The level of first-home buyer activity has been like nothing we’ve seen in a generation,” he said.
“Record low interest rates and government incentives continue to support demand and it’s been great to hear stories of some customers purchasing their first home earlier than expected.”
He advised buyer enthusiasm for regional properties has slowed since last year as lending for regional properties eased off by about 4 per cent.