As the housing prices in Melbourne continue to fall, more older first home buyers are finding opportunities to purchase their own homes. Latest statistics shared by Herald Sun & realestate.com.au have confirmed.
Figures from the State Revenue Office showed that the number of first home buyers aged 40 and above was almost the same as the younger ones aged 25 and below. From July 2018 to February this year, there were 3,237 of them while the younger ones numbered 3,236. Those in the retirement age (60 and above) were 286. This number could still increase if home values continue to drop, according to Loan Market executive chairman Sam White.
Data from the Australian Bureau of Statistics, on the other hand, showed that one-third of first home buyers who bought a property from 2015 to 2016 were aged between 34 and 54. This figure was an increase by 26 percent in two decades.
Among these older first home buyers are those who had already paid off their debts in their younger years, those who want to travel while some could be economic refugees from Sydney searching for more affordable homes.
Areas in Melbourne in demand among older first home buyers are those new housing hubs. Werribee is considered the top destination for those aged 60 and above. Following behind are Cranbourne, Craigieburn, St Albans and Melbourne’s CBD apartment market.
Real estate experts have also noted that many first home buyers now are getting the services of Buyers Advocates to make sure they are making the right decisions. Many are also seeking to set themselves up and establish a property portfolio for their future.
At Chamberlain Property Advocates, we support our first home buyer clients by providing them with a service tailored specifically to the needs of those looking to buy for the first time.
Attitude-wise, these more mature home buyers are more cautious in making decisions ensuring they avoid the risks. As many have taken long years to save for their dream home, they want to spend their money wisely on the right property.
Looking to buy your first home in Melbourne and unsure that you will get it right? Talk to me about how I can help you buy your new home faster, for less.
It pays to have an experienced expert by your side. To find out more about our first home buyer service, go here. Or give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.