The number of first-home buyers acquiring a property reached a decade high level earlier this year, says CommSec. And their numbers have continued to grow through the pandemic period. Young professionals and couples, armed with a wealth of industry knowledge, a list of “must haves” and the confidence to make an offer fast, are buying up properties in Brisbane, Sydney, Melbourne and elsewhere across Australia.
While millennials are encouraged to buy into the property market through schemes like the Federal Government’s First Home Loan Deposit Scheme and the recent HomeBuilder package, investors and mature property owners appear to be avoiding the market for now. Agents across the nation are reporting young home hunters in secure jobs are emboldened and typically seeking a townhouse or two-bedroom unit, while low-interest rates mean it is now cheaper to buy than to rent in many areas. This momentum is expected to continue with the second round of the First Home Loan Deposit Scheme opening on 1 July, with another 10,000 places available