Spurred on by record low interest rates and the government’s First Home Loan Deposit Scheme (FHLDS), first timers are out in abundance.
And their toughest competitors – investors – are few and far between, with many choosing to monitor the market rather than dive in while economic conditions remain uncertain.
“We can see that first-home inquiries are rocketing ahead across every state and capital city,” said chief economist Nerida Conisbee from realestate.com.au.
“There’s a lot of things driving it including there’s no investors around and first home buyers often compete with them.
“We also have very low interest rates so it’s cheaper to borrower and there’s lots of state government grants available.”
If you haven’t checked out the FHLDS yet make sure you get in quick.
The Australian Government released another 10,000 places on 1 July. The first-round places were snapped up quickly and the second round was launched to huge interest.
The scheme allows eligible first home buyers to secure a home with as little as a 5 per cent deposit and no lenders’ mortgage insurance.
Check out the FHLDS website for more information.
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