Yet, as we pointed out in A POST ON THIS TOPIC BACK IN MARCH, there are signs that a solid percentage of market entrants are pushing ahead with their plans despite these challenges.

We saw further confirmation of the resilience of first-time home buyers in some recent data from the Australian Bureau of Statistics. The ABS publishes data every month on home lending trends in Australia, and their latest figures which include lending in February this year are interesting.

The ABS report shows that the value of mortgage lending for first home buyers in February was over $4.9 billion, an increase in seasonally adjusted terms over the month of 4.8 per cent. Indeed, the share of first home buyer lending as a percentage of all owner-occupied lending has been trending upwards since August 2022. The February data shows that lending to market entrants has now reached 29.2 percent of all loans, which is above Australia’s ten year average.

Keep in mind that figures like these don’t provide a complete picture of market activity, as it is clear that there are some buyers, (some downsizers for example), who are purchasing property without borrowing funds at all. But it does show that no matter what is happening in the broader economy, there will always be a percentage 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 currently looking to purchase your first home, or maybe even thinking about selling a home that could suit a first-time buyer, don’t hesitate to have a chat with one of our team at Barry Plant Gladstone Park on 9330 1088. We’re always happy to assist and offer some tips on how to maximise your results in today’s market.

Cheers,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park