The Rudd Government is under pressure to extend the temporary boost to its first-home owner's grant as a flood of applications has stemmed the fall in the housing market.
People entering the housing market for the first time drove a 1.5% lift in the value of loans to owner-occupiers in November.
The number of first-home buyers leapt 17.8% in response to the Government's boost to the first-home buyer's grants, which formed part of its $10.4bn plan to stimulate the economy.
The grant was doubled to $14,000 for new entrants to the housing market buying an established home and raised three-fold to $21,000 for people buying newly built houses.
However, the increase, costed at $1.5bn, is supposed to expire on June 30, in line with Treasury's requirement that budget boosts to the economy be temporary.