The numbers of first home buyers racing to collect government grants and buy a home has begun to slow, with July housing finance figures showing the first drop in first home buyer numbers since the start of 2009.

First home buyer numbers fell from 18,400 in June to 17,170 in July, which are still strong numbers compared to 2003 and 2004, when first home buyer numbers were well under 5,000. Property economists are hoping second-home buyers and investors will take over where the first home buyers left off, keeping the local real estate market buoyant and growing.

However the threat of rising interest rates might just be a wild card that prevents the natural market order taking over. The Sydney Morning Herald has reported that financial counsellors are now complaining that mortgage stress is rife and they are struggling to help people who have lost their jobs.

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