According
to a survey by the National Australia Bank (NAB), 24% of new
residential properties are being purchased by first home buyers. For
the most part, these individuals become owner-occupiers of the home
they bought, but there are still a number that purchase residential
properties for investment purposes.
What’s
more interesting is that many of these young buyers acquire their
first homes at an early age. About half of the first home buyers
reported by Mortgage Choice are 30 years old and under, and many of
them are only in their early 20s. One of the probable reasons for the
trend is an increase in the number of high-paying jobs available to
this younger generation.
Of
course, one cannot discount other factors, such as these individuals’
early realisation that they need to enter the market and that
entering the market at a younger age can be advantageous. They may
have the intent to buy something affordable now and upgrade later on,
and their home ownership history can be beneficial when they apply
for bigger loans in the future.
Perhaps
the biggest challenge for Perth first home buyers direct from saving
up for a deposit is to find new properties that fit their needs and
desires whilst still being manageable in terms of costs. These buyers
can shop around for financially advantageous house and land packages
that they can buy with a low deposit and low interest rates, and with
the use of their First Home Owners Grant.
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