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First time property owners urged to buy now

July 13, 2011

Can’t afford to get into the property market just yet? A new report from PRD Nationwide is urging first timers to bite the bullet while prices are soft and suggests that if you can’t afford it, team up with a friend or relative or start small with a stepping stone such as a studio apartment. And with the March Federal Budget offering no help for in the form of grant increases or subsidies, it looks as though this may be good advice for some considering their first home loan.

First homebuyer activity has been at a 10-year low in recent times, but data from the Australian Bureau of Statistics (ABS) shows that in March, the number of loans approved for first time buyers rose to 16 percent of all owner-occupied loans.

Even though the numbers have increased slightly, overall, the figures for first time buyers remain well below the long-term national average of 20.1 percent.

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