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ISCOVER
Staff Reporter
More homebuyers plan to purchase their first property later in life, new data from Mortgage Choice have revealed.
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According to the brokerage’s latest Future First Homebuyer Survey, which polled more than 1,000 Australians, more than 40 per cent of first homebuyers will be aged between 30 and 39 years old when they purchase their home.
As such, the number of first homebuyers aged 30 or more years has increased from 54 per cent in the 2011 survey to 61 per cent today.
The 2012 survey findings also show that first homebuyers intend to save for an average of two years before purchasing their property, compared to 1.8 years when the survey was conducted in 2011.
The 2012 survey also revealed these people are saving an average of 26 per cent of their monthly after-tax income.
“It is interesting to see more first homebuyers are saving for longer and purchasing later in life, perhaps when they are in a better financial position, have researched their ideal location well and are keen to settle into a property they will call home for many years to come,” Mortgage Choice spokesperson Belinda Williamson said.
Fears over job security have rocketed over the past year, with almost one in five future first homebuyers claiming this is their greatest concern, compared to just 11 per cent last year.
Conversely, fewer buyers are concerned about rising house prices, with just 22 per cent labelling this their ‘number one concern’ in comparison to 31 per cent 12 months ago.
“While many of the economic indicators such as rate cuts, lower house prices and improved affordability might suggest now is a good time to buy, people are still nervous about their ability to sustain employment. Home ownership is still the dream for many Australians; however, it is important to feel confident in your financial future before taking on the commitment of a property purchase,” Ms Williamson said.
The survey found that first homebuyers’ property decisions are largely driven by lifestyle factors. The greatest motivator for first-time buyers was to set themselves up financially for the future by getting a foot in the property market door, with 57 per cent of respondents saying this was their greatest motivator.
Almost 50 per cent said they would like to purchase a property where they can raise their family.
