First-Home Buyers Increasing
First-home buyers are rushing to take advantage of the low interest rates that are at historic lows at the moment as they make up more than a quarter of new mortgage holders in February. The increase in these buyers is expected to continue too with interest expected to peak in the next three months.
News that most first-home buyers planned to buy existing property rather than a new property was not a surprise to experts. It turns out that around 70 per cent of people responding to a survey indicated that they would go with an existing property. This gels with figures that the housing approval rate is at a fire-year low despite government incentives and an increase in activity at the bottom of the market.
A survey found that the number of people planning to enter the market had almost doubled since last year thanks to the low interest rates and softening housing prices.