First Home Buyers in Perth Are Getting Younger

According to a survey by the National Australia Bank (NAB), 24% of new residential properties are being purchased by first home buyers. For the most part, these individuals become owner-occupiers of the home they bought, but there are still a number that purchase residential properties for investment purposes. 
What’s more interesting is that many of these young buyers acquire their first homes at an early age. About half of the first home buyers reported by Mortgage Choice are 30 years old and under, and many of them are only in their early 20s. One of the probable reasons for the trend is an increase in the number of high-paying jobs available to this younger generation.

Of course, one cannot discount other factors, such as these individuals’ early realisation that they need to enter the market and that entering the market at a younger age can be advantageous. They may have the intent to buy something affordable now and upgrade later on, and their home ownership history can be beneficial when they apply for bigger loans in the future.

Perhaps the biggest challenge for Perth first home buyers direct from saving up for a deposit is to find new properties that fit their needs and desires whilst still being manageable in terms of costs. These buyers can shop around for financially advantageous house and land packages that they can buy with a low deposit and low interest rates, and with the use of their First Home Owners Grant.

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