First Home Buyers Lacking Confidence
First home buyers are having difficulty getting a leg up into the marketplace, according to recent figures from the Australian Bureau of Statistics.
In August this year, first home buyers represented 13.4% of all properties approved for finance by lenders. A decade earlier, the portion of first time purchasers was 17.2%.
Head of research at LJ Hooker Matthew Tiller said 'In May 2009, when the economy was still dealing with the impacts of the GFC, first home buyer representation was at its highest at 31.4%, following the Federal Governments First Home Owners Boost stimulus'.
First Home Buyers Now
This year in March, the percentage of first home buyers in this market place hit its lowest point at 12.9%. Mr Tiller said first home buyers were vitally important to how the Australian property market operated.
When first home buyers are active and can service loans comfortably, they create a significant link in the property chain; their confidence to purchase enables existing home owners to sell, then upgrade to their second or mabe third home.
If you are a first home buyer looking to get into the property market in Tweed Heads or Coolangatta, please contact our team, we'd love to help you achieve your dreams.