Almost 20 per cent first home buyers are spending at least a year trying to get into the property market.Declining prices and competition could make it easier for first home buyers to secure a home, but they also face rising interest rates.First home buyers can have a tough time raising a deposit, but once they do, securing a home is no easy feat.
First home buyers typically needed to explore different areas and adjust at-times inflated expectations for their budget. Most have spent an average of six months searching for a home before engaging her help. Another 39 per cent take three to six months from initial search to purchase, while only a quarter take three months or less.Sarah Megginson, senior editor of money at Finder, said rapidly rising property prices, sales above advertised price guides and strong competition had proved challenging for first home buyers.
Previous research found it would take first home buyers 11.4 years to save a 20 per cent deposit for a home costing $738,975 – the national median in March – according to the latest ANZ CoreLogic Housing Affordability Report. This assumes a household income savings rate of 15 per cent a year.and is expected to fall further as consecutive interest rate hikes reduce borrowing power and increase mortgage repayments.
“I think it will get easier for them to buy, but I’m also expecting them to be more apprehensive,” he said, adding that rising interest rates and falling property prices could make first home buyers even more nervous about making the wrong purchasing decision.
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