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First Home Buyers Report 2022

Finder's First Home Buyers Report explores the attitudes and behaviours of new homeowners in a rapidly shifting housing market.

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By

Sophie Wallis

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First Home Buyers Report 2022

Picture not describedAustralia's housing market has boomed over the past 2 years and has experienced record growth despite the pandemic. However with prices forecasted to fall through 2022 and home loan rates rising for the first time in over a decade, we may soon witness a market downturn. Owner occupier lending is already starting to slow, particularly among first home buyers who typically have lower budgets and are more sensitive to house prices.

Finder's First Home Buyers Report shines a light on the attitudes and experiences of first home buyers. We conducted a survey of 1,001 first home buyers to find out their preferences, fears and budgeting decisions, and we also draw on our First Home Buyer Report 2021 to compare how the behaviour of new home owners has changed over the past year.

Download the First Home Buyers Report 2022.

Key first home buyer statistics

  • First home buyers prefer houses (70%) to apartments (16%)
  • 1 in 8 buyers are searching interstate
  • 1 in 6 gen Z buyers are buying an investment property
  • The number of buyers who plan to renovate immediately has halved since 2021 (22% to 11%)
  • 37% of buyers exceed their budget
  • COVID-19 lockdowns helped 1 in 4 first home buyers save
  • Nearly 1 in 3 are buying now because they fear rising property prices
  • 1 in 2 buyers face unexpected costs during the purchase process
  • 37% of buyers will be worried if their interest rate rises
  • Qualifying for a loan and having bad neighbours are buyers' top fears

Property prices have consistently outpaced wages

Property affordability has been a hot topic over the past 2 years, particularly when it comes to first home buyers. Since 2002, residential house prices have grown by 276%, while wages have increased by just 77%. In 2021 alone, house prices grew by 28%, compared to just 1.5% for wages. The growing gap between wages and house prices highlights the challenge today's first home buyers face in saving a deposit and financing a mortgage.

Download the full report to read more.

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Analyst

Sophie Wallis is a senior insights analyst with a passion for data storytelling. She spends her time turning complex data into digestible stories and uncovering new consumer trends. When she isn't working, you'll find her planning her next overseas holiday or bingeing on a big novel. Sophie has a Bachelor of Economics from the University of Melbourne. See full bio

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