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Despite a wind back in the government's first home buyer stimulus, it seems many of the industry’s newest property buyers are still looking to enter the market.
According to Aussie Home Loans founder and executive chairman John Symond, first home buyers who missed the opportunity to enter the property market in 2009 are now in a position to do so, as the FHB market returns to more “normal” conditions in 2010.
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“The RBA’s move to not lift rates in February is hugely significant,” he said. “It has given confidence to Australian consumers that interest rates won’t skyrocket.”
According to Mr Symond, the FHB sector was out of control last year, as the FHB grant boost spurred overly eager buyers to pay artificially inflated property prices, but the market has since settled.
“In many metropolitan areas, prices for properties in the first home buyer range were inflated due to increased demand,” Mr Symond said.
According to Mr Symond, the first home buyer market now lies especially with new homes, as both state governments and developers are offering special deals and incentives to boost private housing construction in Australia.
“As there is a shortage of new homes, builders and state governments are falling over themselves to get new buyers into that market,” he said.
“There are many fantastic initiatives on offer.”
