First Home Buyers -- at some point, we all are them! This week we take a deep dive into some statistics to examine the profile of FHBs a little closer -- juicy info for realtors, sellers and buyers alike. Do you fit the profile?
Over 660,000 properties sold in Australia annually; 18% of these are estimated to be first home buyers, leading to a market of approximately 119,000 first home buyers per year.
First home buyers are getting older; due to inflation and rising property values, the age of entry into the market is now above 30 and sometimes 40. Buyers are generally committed couples with established careers; 60% have children.
The average cost of first homes bought in Australia is $401,000.
The average home loan for first home buyers was $327,400.
Despite the huge choice of lenders available, 65% of buyers never switch banks due to the perceived hassle.
The Australian Government continues to support First Home Buyers, with Grants of $10-20,000 available in each state.
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Gen Y are the best savers in Australia, saving an average of $533/week
94% of this generation's home searches are performed online.
58% of searches were performed using an iPhone
Average time searching for a property was 11 weeks
97% of Gen Y finance their home purchase, with an average of 93% of the total home value being financed
27% of Millennials get help from parents with their deposit
The biggest reasons for buying a property are #1 as a source of wealth, and #2 to accommodate a family
The biggest barrier to entry was saving for a deposit
With interest rates at a record low there's never been a better time to buy your first property. At A9 Property we offer investment advice and regular real estate content including our weekly real estate blog to help home buyers expand their portfolios. Check out our list of off the plan properties in Brisbane, or contact A9 Property for an obligation-free chat about your next investment.