First home buyers making up for lost time
It wasn’t that long ago that one of the main talking points among those following the property market in Melbourne was the challenges that so many people were facing in trying to secure their first home.
We’ve seen various attempts by different arms of the Government to assist, ranging from making life tougher for property investors, (one of the main competitors for first home buyers), to the introduction of added assistance measures for first home buyers.
If the latest data from the Australian Bureau of statistics is anything to go by, it seems that first home buyers are finding their feet in the current market in growing numbers. A look through the latest home loan data from the ABS shows that whilst the number of new home loan approvals climbed by more than 20 per cent in the past year, loans to market entrants were up by 38 per cent over the same period. The data indicated that first-time buyers accounted for 30 per cent of the owner-occupier market in 2019, which is a positive trend indeed.
First home buyers were certainly major players in our first auction for 2020, which we conducted this week. Located in Albert Street in Preston, the property involved was a fully renovated two-bedroom front unit which offered a low maintenance lifestyle in a popular location on the Thornbury/Preston border.
Being situated within minutes of the highly regarded Penders Grove Primary School, the trams on High Street and Thornbury railway station, this was certainly an appealing opportunity for anyone with an eye on the future.
In the end, a competitive bidding duel between three main contenders saw the gavel fall for a very pleasing $605,000 which, as you can see from the photo, was a result that produced smiles all round.
Keep in mind, whether you are looking to buy or sell your first home or your last, the team at Barry Plant
Northcote and Preston are always happy to assist wherever they can. So be sure to give us a call.
Get more from Barry Plant.
Sign up for our newsletter