There’s been quite a bit of talk recently around the real estate industry that activity from first home buyers had stepped up during the past few months. So it was interesting to see that the latest Quarterly Property Sentiment Report from ME Bank has confirmed what a growing number of agents have been suggesting.
The ME Bank report found that over 80 percent of first home buyers expected that an economic downturn would see more bargains becoming available in the property market. This compared with 66 per cent of investors and 53 per cent of current owner occupiers who felt the same way about the impact of the lockdown.
Interestingly, just over half of all first home buyers planned to enter the market during the next twelve months. This figure was 9 percentage points higher than the response given by market entrants just three months earlier, so clearly the perception of value has been heightened despite the uncertainty created by Covid-19.
Another emerging trend that caught our eye was that 60 per cent of first timers said they were now more likely to consider buying in a regional area, mentioning their efforts to save money and improve their lifestyle. This figure was much lower at 45 per cent for the overall market which is further evidence of a focus on value for money among first timers, particularly with the recent increase in awareness of work-from-home options.
Whether you are buying your first home or your last, the challenges of the current market have made the extra certainty provided by having an experienced Advocate by your side even more valuable than ever.
If you need help making the right choice when buying your next home, or assistance in ensuring that you get if for the right price, don’t hesitate to call one of the helpful team at Ian Reid Buyer and Vendor Advocates on 9430 0000.