Fewer FHBs think it’s a good time to buy, but more intending to: RAMS

The annual RAMS First Home Buyers’ Pulse Check Survey has found first timers are looking to enter the property market sooner, even as fewer of them think it’s a good time to buy in.

In fact, of those surveyed, 19% are looking to purchase within the next three to six months, with 15% looking to buy in the next three months. This is an uptick from 14% and 13% respectively last year.

However, 65% this year think it’s a good time to buy, compared to 75% last year.

RAMS chief executive Martine Jager said the figure for first home buyers (FHBs) who want to buy soon is the highest they've seen.

She also noted the age of first home buyers is increasing, with 41% aged 36 or above, up from 30% in 2013.

The proportion of those aged 25 or below has dropped to 18% from 27% in 2013.

“There is a recognition amongst the group that they need to get on that property ladder, they recognise the importance of that first step and making it sooner rather than later. Something we are seeing amongst our customers at RAMS,” said Jager.

“We’re also seeing first home buyers are buying their home for different reasons, with more investors in the market than ever before,” she noted.

While interest rates was noted as an important issue, 70% said that they would still buy if rates were higher. Last year, 75% said they would buy if rates were higher.

Unsurprisingly, saving a deposit is one of the key barriers, with 48% of respondents noting it. Deposit concerns ranked behind property prices, at 49%.

Those requiring a home loan are more likely to have saved for two years or more, with 44% compared to 41% last year, with more saving above 20% of their household income for a deposit.