First-home buyers in NSW rushing to beat changes to the stamp duty concession have sent national borrowing activity soaring to record levels, analysts say.

The number of first-home buyers entering the property market in November was the highest in two years, with more than $2.86 billion added to mortgage activity compared with October, RateCity said.

The vast majority of these buyers were in NSW, where 4,000 properties were purchased by first-home buyers in November. Analysts say changes to the first-home owner concessions in NSW were likely behind the national trend.

In the September NSW budget, the government announced that from January 1, only newly-built homes would be exempt from stamp duty.

RateCity CEO Damian Smith said the data was cause for optimism but urged against reading too much into the figures. He said sales in NSW – which jumped 34 per cent in November compared to October – significantly bolstered the overall numbers.

“By comparison, the number of first-home buyers in Victoria and Queensland rose by just five per cent and eight per cent respectively, in the same period,” he said. “Many home purchases in NSW were effectively ‘brought forward’ to meet the stamp duty concession deadline before rulings changed on January 1, 2012.”

A similar spike in first-home buyer activity is expected in Queensland in coming months, with a $10,000 building boost grant to end at the end of January.

Mr Smith urged borrowers against rushing into the property market just to take advantage of government concessions and grants.

“Borrowers shouldn’t let changes to rules motivate their decision to enter the market unless they are in a good financial position,” he said.

He recommended borrowers save at least a 10 per cent deposit, if not more, before buying.