First home buyer activity to continue

First home buyer activity to continue

27 July 2009 by Staff Reporter 0 comments

Real estate agents can expect first time buyer activity to remain after the beefed-up grant expires according to a new consumer survey.

Almost 60 per cent of those who do not own homes expect to buy in the next 12 months, a survey by Bankwest and the Mortgage and Finance Association of Australia (MFAA) has found.

According to the survey, this is up from 39 per cent last November.

MFAA chief executive Phil Naylor said historically low interest rates rather than the first home owners grant were the key driver for most would-be buyers.

Only 6.2 per cent of respondents said the first home owners grant was an incentive to buy now.

"The interest rate is the more attractive point because that's an ongoing thing," Mr Naylor said.

"It enabled you to make decisions about what sort of loan you can service and so forth and I think that's probably the driving force."

Real estate agents can expect first time buyer activity to remain after the beefed-up grant expires according to a new consumer survey.

Almost 60 per cent of those who do not own homes expect to buy in the next 12 months, a survey by Bankwest and the Mortgage and Finance Association of Australia (MFAA) has found.

According to the survey, this is up from 39 per cent last November.

MFAA chief executive Phil Naylor said historically low interest rates rather than the first home owners grant were the key driver for most would-be buyers.

Only 6.2 per cent of respondents said the first home owners grant was an incentive to buy now.

"The interest rate is the more attractive point because that's an ongoing thing," Mr Naylor said.

"It enabled you to make decisions about what sort of loan you can service and so forth and I think that's probably the driving force."

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