Perhaps this is unsurprising since we do know that a significant number of first time buyers are purchasing an investment property as their first step onto the ladder.
One suspects that this is particularly the case in Sydney which has the highest entry level prices for dwellings.
The data also shows the enormous impact of the first homebuyer grant boost in 2009, which to some extent distorted the figures by "pulling forward" a sector of the market for a period of time (which has now elapsed).
2 - Number of loans processed
In terms of the number of first homebuyer loans, the volumes processed averaged ~7,850 per month through 2014 which is also some way below the long run average of ~9,600.
3 - State level