First-home buyers are aiming to get into the housing market by moving out of the capital cities and into regional areas where properties are cheaper.
According to the latest ME Quarterly Property Sentiment Report, 82% of first-home buyers says they hope to find bargain properties in the wake of the Covid-19 pandemic. Many are finding it easier to save with 40% of FHBs saving for a deposit compared to 21% in the previous survey. Around half (51%) of FHBs says they plan to buy in the next 12 months – the highest of any group in the survey while 60% say they would consider buying in a regional area to save money and to have a better lifestyle. This compares with 45% of respondents overall.
ME general manager home loans, Andrew Bartolo, says the introduction of remote and more flexible working arrangements has influenced people’s thinking about where they can live. The survey also shows that low interest rates are having a positive influence.