What Barriers Need to Be Overcome when Considering Property Ownership?
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The second edition of the RAMS First Home Buyers’ Pulse Check survey, which was conducted in August, explored the behaviour and attitudes of first home buyers and first home seekers.
The survey revealed some interesting information about the attitudes and views that home seekers and home buyers have regarding the 'barriers' that they feel they have to overcome and / or manage when looking to purchase their first home.
Find out more about what home seekers and home buyers have to say – and tell us if you feel the same way, click here.
Getting your foot in the door of the property market can be a very hard 'first step' to take. The relatively low interest rates and the benefits offered by the Government's First Home Owners Grant mean more people are looking to buy or invest in property, despite the fact that housing prices are also rising.
All this can make it challenging to secure your first home and your place in the property market.
The August issue of the RAMS' Pulse Check Report discovered that 4 in 10 respondents felt that the high property prices present at the time the survey was conducted presented the main barrier that was preventing them getting into their first home.
While there are a lot more 'affordable' home loans on offer today, the fact that the property market is on the improve, is making it hard for Australians to find their own little 'piece' of the property puzzle.
40% of first home owners and 42% of first home seekers reported that the high property prices being experienced at the time the survey was completed in Australia proved to be their main barrier to getting into the market.
In fact, many lenders have tightened their borrowing conditions in 2009, so saving for a deposit can be an even more insurmountable hurdle to some first home buyers, particularly as they may need to save a larger deposit than they had perhaps otherwise planned.
The 'health' of the Australian economy and level of resilience it has displayed, particularly in the face of the global financial crisis may be why the percentage of respondents reporting that their fear of not being able to meet repayments has dropped from 10% to 6% from the last survey completed in April 2009.
However, given the concerns that respondents expressed regarding house prices and saving for a deposit, it's good to see that they at least feel sure that when they purchase their first home, they will be comfortable in their financial future.
What do you think? Do these results apply to you?
If you're a first home owner or a first home seeker, we'd love to hear what you have to say. Visit our Own Your First Home Blog and tell us your views – you never know, you might be published in future editions of our newsletter.
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