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Brokers looking to tap into first home buyer business could do well to target their parents, anecdotal evidence from real estate group Raine & Horne indicates.
Angus Raine, CEO of Raine & Horne, said this week that the group’s offices were seeing first home buyers dominating the property market and “many are being guided or financially assisted by older parents who recognise the abundance of opportunities available to first home buyers”.
Close to half of single first home buyers were attending property inspections with mums and dads, Raine & Horne Maroubra proprietor Paul Spanoudakis said while Peter Mosedale, of Raine & Horne Dee Why, said parents were attending 95 per cent of first home buyers’ second inspections to give their “tick of approval”.
The government’s first home buyer incentives and low interest rates have seen first home buyers return to the market in their droves. ABS data recently showed first home buyers represented more than a quarter of all home buyers in December.
