With this in mind, I think it’s fair to say that we have a better understanding than most of the specific concerns and challenges faced by people as they attempt to become homeowners for the first time.

As I’m sure you’re aware, there’s been quite a lot of media commentary about the challenges that first home buyers face in the current market, from increased interest rates and rising rents to reduced borrowing capacity and more. But we came across some numbers this week which provided some interesting insights into just how much things have changed for market entrants in recent years.

A recent report from Digital Data Analytics has concluded that over the past ten years alone, the average age of a first home buyer in Melbourne and Sydney has risen from the mid-20’s to the mid-30’s…That’s quite a shift, isn’t it!

Reinforcing this change in market dynamics is the analysis which shows that over the same ten year period, the typical term of a new mortgage loan has increased from 20 years to 30 years.

No wonder so many first home buyers are taking steps like moving back in with their parents in order to save a deposit or having those difficult decisions with family about getting assistance from “the bank of mum and dad”.

In our experience, one of the most important factors that can make a difference for anyone buying their first home is having access to advice and guidance from experienced and objective advisors. So if you or someone you know is currently in the market for your first home, don’t hesitate to call into our office at Barry Plant Thomastown or give us a call on 9466 3233.

We’re always pleased to be able to assist.

Regards,

Con Constantinou

Barry Plant Thomastown