Certainly a positive time for First Home Buyers right now, (and those parents wanting their children to fly the coop!) with reports that now is the ideal time to enter the property market due to low-interest rates and falling housing prices, but should interest rates increase, they won’t be deterred. Thanks to the MFAA for summarising and sharing finding from The Genworth First Home Buyers Sentiment Report. This report was commissioned by Genworth and undertaken by CoreData, which surveyed 2,001 prospective first home buyers and 1,008 recent first home buyers from across the country.
The survey results indicate a change to the traditional Australian dream between generations of buyers with the goal of owning a free-standing home to grow old in now replaced with aspirations to buy conservatively to enter the market, and then sell the property within five years.
Key findings from The Genworth First Home Buyer Sentiment Report include:
- 32% of prospective first home buyers are currently looking to purchase an entry-level property to sell it within five years
- 72% of prospective first home buyers believe the present is a good time to buy
- 52% of prospective first home buyers cited falling property prices as the main reason why now is a good time to enter the market.
- 59% of prospective first home buyers are looking to enter the property market soon with less than 20% deposit.
- 83% of prospective first home buyers are finding it difficult to save a deposit.
An end to the current low-interest-rate environment would not be a deterrent to many prospective first home buyers.
- 75% of prospective first home buyers would proceed with their plan to purchase a property regardless of higher interest rates.
You can download The Genworth First Home Buyer Sentiment Report for free, here.