First home buyer loan numbers have soared to their highest levels in eight years amid predictions that Millennials will soon eclipse Baby Boomers’ real estate spending power.
There’s been a raft of good news for young home buyers of late, with reports suggesting the property market door is creaking back open for aspiring home owners.
First home buyer numbers soar
First up, latest figures from the Australian Bureau of Statistics (ABS) show that the proportion of first home buyers increased to 18.0% in November 2017 – the highest proportion since October 2012.
“The number of loans to first home buyers has recorded strong growth in recent months,” the ABS says.
Furthermore, the number of loans to first home buyers at 11,091 is the highest since December 2009 when the first home buyers boost, as part of the government’s response to the GFC, ceased.
“It is pleasing to see the increased presence of first home buyers,” says Real Estate Institute of Australia President, Malcolm Gunning.
“The figures show that owner occupiers and first home buyers are responding to more stable conditions, and, in the case of first home buyers, state government incentives.”
Millennials to eclipse Baby Boomers?
Meanwhile, First National Real Estate is predicting that Millennials will eclipse Baby Boomers’ real estate spending power within the next five years.
“Millennials are expected to purchase apartments as their first property and seek out homes in locations that complement their lifestyle, are close in proximity to transport and their employment,” the First National Real Estate report says.
Need a helping hand?
With more and more people jumping head first into the property market, First National Real Estate anticipates that 74% of Millennials require more help than usual in understanding the buying process.
And that’s where we come in.
We can demystify the daunting prospect of buying your first home and make sure you have the right budgeting systems in place to ensure you’re ready to start paying off a mortgage
So if you’d like to be one of the many Millennials taking the leap into property, be sure to give us a call today.
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