First home buyers make a tentative step back into the market
Being a first-time homebuyer currently presents favorable conditions. Property prices have significantly decreased since last year, enhancing affordability. However, finding a rental property has become notably more challenging and expensive. Unemployment rates remain at their lowest in 50 years, and wage growth is observed in various sectors.
Nevertheless, several obstacles persist. Securing financing has become harder and more costly. The availability of properties for sale is limited, and purchasing a new home has become increasingly expensive.
Despite these challenges, it appears that more first home buyers are overcoming them and reentering the market. After reaching nearly record-high levels in January 2021, the number of first home buyers decreased by over 50%. However, March witnessed a tentative rebound with a 15% increase in just one month. Although the number of first home buyers remains relatively low, there are definitely signs of their return.
If you want to know more about buying your first time, YES Real Estate is here to assist you with the process. Contact Sam Weerawarna on 0480 101 966 or our friendly team on 1300 032 669
