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New research has revealed a growing number of first home buyers are more worried about missing out on their dream location than saving for a deposit.
According to a national survey by comparison website finder.com.au, 72 per cent of first home buyers fear their ideal location is out of reach.
Seventy per cent of survey participants stated their next biggest worry is paying too much for a property, followed by ongoing maintenance costs, while just 62 per cent said they are most concerned about saving for a deposit.
Property values going down after the purchase was another fear for 59 per cent of participants, as was having to make personal sacrifices to buy a home.
Fifty-six per cent said they are concerned about qualifying for a home loan, 54 per cent said buying in the wrong location is a worry, and 53 per cent are apprehensive about meeting ongoing repayments.
Rounding out the list, 46 per cent said they are worried about committing to staying in the same property, while 45 per cent are nervous about buying the wrong property type.
Bessie Hassan, spokesperson at finder.com.au, said the highest proportion of people worried about buying their first home were aged 30-35.
"Buying your first property can be an overwhelming process and these fears can become both emotional and financial hurdles for those trying to get onto the property ladder," she said.
"One in three Australian first home buyers admitted to needing help from their parents in order to break into the property market, whether this be financially, or whether it means having them as a guarantor or landlord."
The survey also revealed 64 per cent of first home buyers are currently looking for a home to live in, while 19 per cent and looking for an investment property that they plan to move into later. Just 16 per cent are after an investment property with no intention of living there.
"Those house hunters earning $70,000-$80,000 are most likely to buy within six months, while those who make $100,000-plus per year were most likely to buy in one to two years," Ms Hassan noted.
"[Meanwhile] low income earners – those with an income of under $30,000 – make up the highest proportion of buyers looking to purchase in two years or more."
[Related: Real estate 'vectors of distress' could bring banks down: RBA]
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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