New data shows how the 5% deposit scheme inflated home prices
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According to the most recent Australian Bureau of Statistics (ABS) housing finance data, $19.310 billion in mortgages were issued to first-time home buyers during the December quarter of 2025. This was a 16% gain over the previous quarter and the highest value since the first quarter of 2021:

The average size of first home buyer mortgages also increased by a record 8.3% in the December quarter of 2025, to a new high of $607,500:

Chart by Greg Jericho at The Guardian
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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.