First time buyers surge across the country
According to recent research, First Home Saver Accounts (FHSA) has grown exponentially since their release in 2008 - jumping by 20 per cent in the June quarter from $298.3 million to $359.5 million.
The figures from the Australian Prudential Regulation Authority suggest a renewed confidence in the country's real estate sector, with more people keen to break into the property market.
FHSAs are designed to give prospective homeowners cash incentives and bonuses for putting money away for a first time property purchase.
More than 38,000 Australians have signed up for the scheme, with an average balance of $9,386 put away in accounts countrywide.
Teachers' Mutual Bank is just one of 15 institutions that offer FHSA accounts, and its chief executive Steve James said the scheme has risen in popularity since its launch four years ago.
"The number of young people coming in and opening up accounts has grown by 40 per cent, it's a great way to save," Mr James said in a News Limited report.
"I think now in a lower interest rate environment, first-home buyers are looking around and these are a great way for them to save."
With economists tipping the Reserve Bank of Australia to cut the official cash rate by 50 points by the end of the year, more first time buyers are likely to emerge around the country as economic conditions become increasingly favourable.