RAMS has released its First Home Buyers’ Pulse Check Report 2013, exploring the attitudes and behaviours of those looking to enter the housing market.
Now in its fifth year, the survey revealed three out of four respondents believed it is a good time to buy. However, property affordability still remains one of the biggest barriers to home ownership.
According to the results, only one in eight respondents is seeking to buy their first property within the next three months.
RAMS chief executive Melos Sulicich said many first home buyers felt purchasing a home was out of reach for several reasons, including the challenge of saving for a home loan deposit, as well as difficulty in finding a home in the right location.
“Results also indicate a fear of unemployment, uncertainty around future earnings and a lack of housing supply are key concerns for this market,” he said.
The survey indicates the profile of the typical first home buyer has evolved and a third of first home buyers are now more likely to be aged over 36.
“It’s not surprising that many first home buyers remain cautious about taking the first step. After all, buying a home can be one of the biggest financial commitments,” Mr Sulicich said.