When you’re dealing with talk about our current high interest rates, concerns about the overall cost of living, and rising rents which are often eating into the first home buyers’ ability to save a deposit, some people might think that things look bleak for market entrants.

However, it seems that despite these challenges, a growing number of first-time homebuyers are biting the bullet and stepping into the market anyway.

The Australian Bureau of Statistics publishes data every month on home lending trends in Australia, and their latest figures which look at home lending in February this year make interesting reading.

The total value of mortgage lending for first home buyers February was over $4.9 billion which was an increase in seasonally adjusted terms over the month of 4.8 per cent. This data confirms the trend of first home buyer lending increasing as a share of all owner-occupied finance since August 2022. In fact, lending to market entrants has now reached 29.2 percent of all loans, which is above the ten year average.

Whilst figures like these don’t provide a complete picture of market activity given that a percentage of buyers, (such as downsizers for example), are purchasing property without any finance at all, it does show that no matter what is happening in the broader economy, there will always be a number of determined young Australians, (and sometimes no so young), who will move heaven and earth to get a foothold in the property world.

So if you are in the market to purchase your first home, or perhaps even considering selling a home that could suit a first-time buyer, be sure to speak to one of our team at Barry Plant Thomastown for any advice or assistance you may need. Our number is 9466 3233 and we’re always happy to help.

Regards,

Con Constantinou

Barry Plant Thomastown