Fresh data on the housing market might be a sign the Government's intervention was on the right track

A CoreLogic report reveals first home buyers made up just 21.5 per cent of the market, in the first quarter of the year.

It's a 3.3 per cent dip from six months ago, and the lowest rate in three years.

In March, the Government extended the bright-line test and closed tax loopholes for landlords.

Chief Property Economist Kelvin Davidson says the moves should open up opportunities for first-time buyers.

He suspects first home buyers' share of the market will improve over the next few quarters - as investors find it harder to make the figures stack up.