Buying a house seemed like an unrealistic dream for many young Australians at the start of last year. But when COVID-19 pandemic hit, saving money became more of a focus, helping to create new found optimism among potential property buyers.
Saving is now a habit 70% of young Australians are intending to maintain according to new research from Mortgage choice, a national network of brokers.
Its survey also found that nearly 45 percent of young Australians are more likely to want to purchase a home now.
Highlights
- Saving money became more of a focus, helping to create new found optimism among potential property buyers
- Survey also found that nearly 45 percent of young Australians are more likely to want to purchase a home now
- House prices year on year were up in every capital city last month except Melbourne
Senior economist Andrew Wilson warns first home buyers need to act now to make the most of the opportunity.
"As prices rise they typically rise at a faster rate than first home buyers can save their deposits so I think we’ve seen an acceleration in first home buyer activity because of the prospects and the fear of higher prices this year in most capital city markets."
House prices year on year were up in every capital city last month except Melbourne.
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