Data from the Australian Bureau of Statistics shows that in June, more than 42 per cent of all owner-occupied home loans went to first home buyers. This compares with the 35 per cent recorded in the same month last year. So clearly there are quite a few market entrants who have taken advantage of the better than usual numbers of properties being offered for sale to secure their first steps on the property ladder.

These figures are borne out by the activity that surrounded a recent sale that our team achieved on Pascoe Vale Road in Oak Park. First home buyers made up a large percentage of the strong enquiry rates we generated on this two-bedroom, two-bathroom terrace style townhouse (pictured). So strong, in fact, that the SOLD sign went up a good two weeks before offers were due to close on our Sale by Set Date® campaign.

Increased success rates aren’t the only piece of good news for first home buyers this week. In case you missed it, the Commonwealth Bank announced this week that not only was it cutting their fixed rate home loans by as much as 0.7 per cent in some cases, CommBank was also reducing the interest rate on new variable rate loans by up to 0.35 per cent.

From our perspective, this move is good news for everyone looking for a mortgage loan, as it signals an increased level of competition between the lenders who want your business. More competition means better deals, and that’s good news all round.

So as this active Winter market comes to a close, you may be looking for some experienced advice and assistance in preparing for your own move into the market this Spring. If so, be sure to give us a call this week at Barry Plant Gladstone Park on 9330 1088.

Regards,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park