First time buyers are camping overnight to snare house and land packages and rushing into housing releases as the market rises.

Investors forced many first home buyers out of the market during the boom between 2015 and 2017 by driving prices up to unaffordable rates.

Combined with the tightening of investor lending, the market correction over the past 18 months has slowed down investor activity, giving first home buyers a chance to return to the market.

House prices in Sydney rose 1.7 per cent, while in October alone Melbourne rose 2.3 per cent.

A recent land release by Jinding Developments saw 75% of the lots selling within the first hour of the opening in its Halcyon Armstrong Creek venture.

During their recent land release in Elara, situated within Marsden Park, 49 kilometres northwest of the Sydney CBD, Stockland also reported a similar robust demand.

Frasers Property said it had seen an increase in the interest of the first home buyer in its Sydney projects, especially for properties below $700,000, the threshold for Sydney’s first home buyer scheme from the federal government.

Metricon Homes NSW General Manager Luke Fryer acknowledged that in their south-west and north-west Sydney projects, first home buyer interest has also picked up steadily.

First home buyer interest in the market will help to restore confidence to the market, and once confidence is restored, we can expect to see investor interest also begin to rekindle.