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First home buyers are keen to enter the market

By January 30, 2023No Comments

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

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