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Research from the mortgage brokerage has found increased levels of optimism among first home buyers.
Research conducted by Pureprofile on behalf of Resolve Finance has found that 14 per cent of respondents who do not own a home intend on buying one over the next 12 months.
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According to Resolve Finance, this is a substantial increase from when the survey was conducted six months prior, where only 4 per cent indicated buying their first home.
The research took responses from over 1,000 consumers across the country.
The survey found that respondents in the cities were equally likely to be planning on buying their first home as those in regional and rural areas, with younger buyers making up the majority of first-time buyers should intentions be fulfilled.
The number of young buyers intended to buy their first home over 2024 increased from 9 per cent to 27 per cent.
Don Crellin, managing director of Resolve Finance, commented on the research: “The research shows a strong resurgence of first-time buyers planning to enter the housing market.
“The stabilisation of interest rates and the ever-increasing cost of rent may be a catalyst for this shift.
“There are also opportunities for first-time buyers to take part in government incentives such as the First Home Guarantee scheme, which enables first-time buyers to get on the property ladder with just a 5 per cent deposit.”
First home buyer intentions were the highest in Sydney, with 18 per cent of respondents who don’t own a home planning to buy over the next year.
Additionally, the research found that 8 per cent of home owners planned to sell in order to upsize, with the same proportion planning to downsize. According to Resolve Finance, 10 per cent of home owners planned to upsize and 6 per cent planned to downsize six months ago.
Mr Crellin added: “Our brokers frequently engage in discussions with first-time buyers, who grapple with the decision of whether to make their purchase now or wait until they’ve saved a larger deposit, to reduce their monthly financial commitments.
“Amid the backdrop of soaring rental costs, we’ve noticed a growing number of these buyers capitalising on the government’s First Home Guarantee program to secure their entry into the property market, subsequently exploring opportunities for renovations that enhance the property’s value.”
[RELATED: Resolve enters partnership as it eyes interstate expansion]
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