Adulting isn’t always easy, and buying a home can seem like a mountain that’s impossible to climb. However, in our dropping property market, Westpac research has revealed that first home buyers are feeling more optimistic about getting a foot on the property ladder.
Westpac’s 2018 Home Ownership Report has revealed that 62% of first home buyers are more optimistic about getting a foot on the property ladder than last year, and 81% of this group believe they’re now closer to buying a home.
“The surge in confidence and positivity among first home buyers is great to see, and not surprising considering house prices have on average dipped by 2.7% over the past year to date, primarily driven by the Sydney and Melbourne markets,” said Westpac Head of Home Ownership, Lauren Fine.
“However, despite this optimism, a key barrier to first home buyers achieving their dream home remains saving enough for a deposit and upfront costs.”
The research found that although three quarters of first home buyers had concerns about the upfront investment of buying a home, including paying a deposit, stamp duty and settlement costs, many were still eager to enter the property market.
“We’re seeing more first home buyers find new ways to achieve their dream of home ownership, like seeking a second income or taking on extra hours at their job to help get a foot on the property ladder,” said Fine.
45% of first home buyers said they were willing to get another job or work overtime to save up some extra cash. If not pick up extra work, almost all (96%) first home buyers said they were willing to make compromises to achieve their home buying dreams.
And it doesn’t stop there, the report found that 29% of survey respondents were not only looking to buy a home in the next five years, but also an investment property.