First home buyers readjusting expectations
The list of priorities is changing for first home buyers' property searches.
A new Westpac report has found first home buyers have reprioritised the factors that most influence their choice of a home. The bank’s 2017 Home Ownership Report found that factors such as the trendiness of a neighbourhood or a home’s proximity to work are diminishing in importance to first home buyers. Buying a home in a trendy area fell in the ranking of “essential features” by 83%, while buying a home close to work fell by 48%.
Other factors also fell in importance, with a quiet neighbourhood decreasing by 37%, access to public transport falling by 21% and safety falling by 9%.
First home buyers also indicated the interior features of a house were an increasingly important factor. A modern bathroom increased by 25% as an essential feature, while a modern kitchen increased by 10%.
“These attitudinal shifts among first-home buyers towards home ownership suggest we may see more looking to buy in areas that they hadn’t considered, with many previously thought 'essential' features now just 'nice-to-have’,” Westpac head of home ownership Andy Wright said.
The research also revealed that nearly 20% of first home buyers plan to buy with the help of family or friends.