First home buyers are continuing to purchase and are active in the market, taking full advantage of the choice and not having to compete with investors.
In the growth areas of Armstrong Creek Geelong, First home buyers flocked to Halcyon, and camped overnight, eager to secure their first property. For a while now, first home buyers have finally been able to take their time to buy without fear of rising prices and properties selling too quickly. Downsizers have also emerged as the strongest secondary market, together with families. They are finding a shortage of properties on the market and houses are spending less time on the market thus, we are starting to witness some growth in median dwelling prices.
First home buyers will continue to be the key source of housing demand due to improved affordability, low mortgage rates and incentives, they make up approximately 31% of lending commitments. Investors are only 25% of lending commitments.
04 December, 2019