I have watched the property market very closely over the last 30 years, primarily the changes in our attitude towards it.

What was once the great Australian dream to purchase your own freestanding home, have and raise your family, pay off the mortgage and retire happily ever after. That is still prevalent for the baby boomers and Gen X but the mindset and shift from the Gen Y, the Millennials and the First Home Buyers today is completely different.

This was confirmed in the recent “Genworth First Home Buyers Sentiment Report:” Over 3,000 prospective and recent FHB were surveyed from across the country where their sentiment was now is a good time to buy into the market with low interest rates and falling house prices especially in Sydney and Melbourne. They also indicated that they would be looking for the lowest entry level possible with distinct aspirations to sell and upgrade within 5 years.

First home buyers are reporting that now is an ideal time to enter the property market due to low interest rates and falling housing prices, but should interest rates increase, they wouldn’t be deterred.

Below are some Key points from the report to consider;
• 32% of prospective first home buyers are currently looking to purchase an entry-level property to sell it within five years
• 72% of prospective first home buyers believe the present is a good time to buy
• 52% of prospective first home buyers cited falling property prices as the main reason why now is a good time to enter the market.
• 59% of prospective first home buyers are looking to enter the property market soon with less than 20% deposit.
• 83% of prospective first home buyers are finding it difficult to save a deposit.
First home buyers are also indicating that should interest rates increase, they wouldn’t be deterred. FHB and Property Investors alike need to be aware of the changing climate in an ever-evolving property market. What represents value, is affordable and sustainable to you and your financial future which ultimately leads to your financial success and freedom.