Newspaper article Daily News (Warwick, Australia)

Knowing What We Want

Newspaper article Daily News (Warwick, Australia)

Knowing What We Want

Article excerpt

FIRST Home Buyers are more decisive and looking to enter the property market sooner, according to findings from the latest annual RAMS First Home Buyers' Pulse Check Survey.

The survey also revealed that the average age of FHBs is rising and low interest rates continue to influence FHB decisions.

Commenting on the findings, Principal of RAMS Home Loan Centre Toowoomba Leon Owen said the survey continued to provide unique insights into the First Home Buyer market, capturing how this market is changing and evolving.

"This year's results show that close to one in five (19%) FHBs intend to buy their first property within the next three to six months, up from one in eight (14%) in 2013, and the highest number we've seen," he said.

The survey revealed that while the number of FHBs intending to enter the property market sooner was growing, the numbers who think now is a good time to buy have decreased. 65% of respondents believe this, compared to 75% in 2013.

"We believe this finding really highlights the focus and determination of FHBs. There is a recognition amongst the group that they need to get on that property ladder, they recognise the importance of that first step and making it sooner rather than later, something we are seeing amongst our customers at RAMS," Mr Owen said.

The survey also revealed that the average age of FHBs continues to increase. More than 41% of respondents were aged 36 or above, up from 30% in 2013, while those aged 25 or below has fallen, dropping from 27% in 2013 to 18%.

"The profile of the first home buyer is changing, the demographics are different to what they were two, five and ten years ago. We are seeing more women, more single people and more thirty somethings enter the market," Mr Owen said.

"We're also seeing first home buyers are buying their home for different reasons, with more investors in the market than ever before."

The other key issue for FHBs is interest rates. The survey revealed that low interest rates continue to encourage FHBs to get into the market with more than three in four FHBs who require a mortgage confirming that the current low interest rates have influenced them to look at property. …

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