Property

Buyers holding off on first home

MORE first homebuyers plan to purchase their first property later in life, according the 2012 Mortgage Choice Future First Homebuyer Survey.

This annual study of 1000 Australians who plan to buy their first home in the next two years found 41 per cent of first homebuyers will be aged 30-39 years, 39% will be 18-29 years of age, 14% will be 40-49 and six per cent will be aged over 50 years.

Hence, the number of first homebuyers aged 30 or more years has increased from 54% in the 2011 survey to 61%.

The 2012 survey findings also show that first homebuyers intend to save for an average of two years before purchasing their property, compared to 1.8 years when the survey was conducted in 2011.

The 2012 survey also revealed that these people are saving an average of 26% of their monthly after tax income.

Company spokesperson Belinda Williamson said, "it is interesting to see more first homebuyers are saving for longer and purchasing later in life, perhaps when they are in a better financial position, have researched their ideal location well and are keen to settle into a property they will call home for many years to come".

Fears over job security have rocketed over the past year with almost one in five (18%) up-coming first homebuyers claiming this is their greatest concern, compared to just 11% last year.

Conversely, fewer buyers are concerned about rising house prices (22% this year compared to 31% in 2011) and even fewer are concerned about the impact of interest rates on their ability to purchase their first home (8% this year compared to 14% in 2011).

"While many of the economic indicators such as rate cuts, lower house prices and improved affordability might suggest now is a good time to buy, people are still nervous about their ability to sustain employment," Ms Williamson said.

"Home ownership is still the dream for many Australians, however it is important to feel confident in your financial future before taking on the commitment of a property purchase."

The survey found that first homebuyers' property decisions are largely driven by lifestyle factors.

The greatest motivator for first time buyers was to set themselves up financially for the future by getting a foot in the property market door (57%) while almost half (49%) said they would like to purchase a property where they can raise their family.

The third largest motivation for first homebuyers was to avoid rising rent, which is making owning a property more attractive (42%).

Ms Williamson said, "the overall cost and financial benefits of home ownership are going to add weight to the decision but as our survey results show, the more emotional factors such as where you envisage bringing up your children is very high on the influencing stakes".

Topics:  first homebuyer, market, mortgage choice




Don't call us killers: RSPCA CEO

RSPCA CEO Mark Townend.

Criticism of the service and its rates of euthanasia

Girlfriend tells court of horrific stabbing murder

IN COURT: The scene of a fatal stabbing on Cobalt St Carole Park in April last year. Photo: Rob Williams / The Queensland Times

Woman recounts night of horrific stabbing in Pye murder

Here's how $10,000 gets you 23 cars and a boat

A decent crowd turned out for the Ipswich City Council public auction of abandoned vehicles.

Two bidders clean up as old bombs set for export market

Latest deals and offers

Johnny Depp 'deeply respects' Amber Heard

Celebrity

Amber Heard gives away $7 million settlement to charity

The true cost of 60 Minutes debacle revealed

It's a bill that would make even a silk tied barrister blush

Kirk Douglas is defiant, fierce and still standing

VETERAN ACTOR: Kirk Douglas has had a long and varied career.

Kirk Douglas has out-lived almost all his contemporaries

The Hard Word reviews Kyzer Soze

Kyzer Soze are playing Brisbane tomorrow at the Crowbar in Fortitude Valley. Photo Contributed

Kyzer Soze summon the evil for this mighty slab of death metal

It's getting very Rude over at the Racehorse

FUNNY: Rodney Rude will be at the Racehorse Hotel.

Australia's top funny man is back

Britney Spears 'almost drowned' in Hawaii

Britney Spears has revealed she 'almost drowned' while on holiday

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Coast building approvals at seven-year high: report

The the 2015/16 Development Indicators Annual Highlights Report documents local development activity that took place during the last financial year.

New report shows increasing development on the Sunshine Coast

Top honours for Mackay and Whitsunday builders

The Kerrisdale Gardens property from Paynter Dixon Queensland which won them Project of the Year.

Mackay and Whitsunday builders awarded top honours last night.

Investors eye Gladstone's $4m island with resort approval

UP FOR SALE: Turtle Island is on the market.

CHINESE and Sydney investors flag interest in Gladstone island.