First homebuyers have become reluctant to commit to property purchases, despite believing the current environment is one that presents them with optimal buying conditions, a leading survey has revealed.
RAMS' annual first home buyers’ survey found only 17% of prospective new purchasers were seeking to buy in the next three months, despite nearly 75% claiming now was a good time to buy.
Two-thirds of respondents were seeking to buy in the next 12 months, confirming a pervasive “wait-and-see” approach.
RAMS chief executive Melos Sulicich said a general lack of confidence and higher rents were halting activity in the first-home buyer market.
“[They] told us some of the key challenges to saving for home loan deposit are paying an average of $320 per week in rent, having unexpected expenses and the general cost of living,” he said.
“Good deals are out there for first home buyers but a general lack of confidence to take the first step may see some miss out on their ideal property.”
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