First home buyers are leading the charge for property, with new data suggesting the same amount of first timers have entered the market in the past three months as in the past three years.
A recent survey conducted by Victoria-based listing site realestateview.com.au has revealed an interesting snapshot of the current state of the market, drawing information from more than 8,000 property seekers.
According to the results, first home buyers represented 29.4 per cent of the property seeker market, making them the largest segment currently seeking property.
And according to Petra Sprekos, general manager of realestateview.com.au, the results are a promising sign for the market, with the survey indicating that 47.1 per cent of all first timers entering the property market since 2010 have done so in the past three months.
“First home buyers have shown reluctance to buy in recent years. Encouraged, it seems, by the record low interest rates, nearly half of these first home buyers have only entered the market within the last three months,” Ms Sprekos said in a recent blog.
The survey also revealed the most pressing information needs of each type of buyer.
According to the findings, legal information about buying and selling a house and home loan information ranked as the first and second most important needs for a first time buyer.
However, while solicitors and brokers were the most sought-after professionals for first timers, their services were listed at the bottom by other types of buyers, including investors and upgraders.