 First home buyers cautious about grant
First home buyers are less influenced the the first home buyers grant than you may think. According to the latest survey, of almost 1000 people interviewed, only 6.2 per cent said the grant was motivation to buy.
The BankWest/Mortgage & Finance Association of Australia (MFAA) survey found 23 per cent felt low interest rates was a big reason to buy, followed by almost 18 per cent who said that lower house prices was a good motivator.
MFAA CEO Phil Naylor said although first home buyers were storming the market, lower interest rates and easing house prices seemed to be the driving forces. The First Home Owner Grant was only a later consideration.
"The jump in sentiment suggests first home buyers are more confident about the prevailing economic climate and the property market," Mr Naylor said. .
The survey also found that almost 60 per cent of home buyers wanted to buy a home within the next 12 months, up from 39.2 per cent last November.
Data shows the type of buyers that fall into the first home buyer category as under the age of 40, living at home or renting with friends, and having savings less than $150,000.
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