A recent survey conducted by realestateview.com.au has revealed an interesting snapshot of the current state of the market from a buyers perspective. Drawing information from more than 8,000 property seekers, results indicate demand from first home buyers is increasing and Australian’s are still striving for the great Australian home.
First Home Buyers are Flocking Back
First home buyers represented 29.4% of the property seeker market, making them the largest segment currently seeking property. This is a promising sign for the property market, as first home buyers have shown reluctance to buy in recent years. Encouraged, it seems, by the record low interest rates, nearly half of these first home buyers have only entered the market within the last three months.
The great Australian Dream is still in vogue
As the Australian population continues to grow and our cities become increasingly crowded, housing is becoming smaller and high rise living is becoming more prevalent. Despite this, however, it seems Australians still aspire for the Great Australian Dream with 66.9% looking to buy a house and less than 9% looking to buy an apartment.
Will the budget stretch far enough?
While the survey showed a strong preference towards purchasing a home, most were interested in properties selling for less than $400,000. Considering the median house price in Australian capital cities is above $400,000,property seekers may need to adjust their expectations or start looking at townhouses and apartments. View realestateview.com.au’s current state of the market infographic below;