The vast majority of first home buyers are prepared to make sacrifices to get on the property ladder, according to new research from NAB.
A survey of buyers aged 18-29 years found:
* 43% were willing to reduce their purchase price
* 39% to buy with another person
* 33% to settle for a smaller block
* 30% to buy in a non-preferred location
* 23% to buy an apartment instead of a house
Conversely, only 7% were not prepared to make any compromises.
As the chart shows, first home buyer activity is currently below the long-term average, according to the latest home loans data from the Australian Bureau of Statistics.
Want to buy your first home? Then speak to a mortgage broker, who will tell you how much you can borrow and what government housing incentives you may be able to access. #property #realestate #homeloans