First-home buyers delaying purchase: RAMS

First home buyers are delaying buying their first home, according to a survey by RAMS.

Just one in eight respondents to the First Home Buyers’ Pulse Check are seeking to purchase their first home or an investment property within the next three months even though three out of four agree it's a good time to buy.

“Today results show more than 75% respondents believe now is a great time to buy with the majority of respondents increasingly motivated to enter the property market to stop paying rent, take advantage of the current low fixed and variable interest rates,” RAMS’ Sulicich said.

“However, now it appears first home buyers are more cautious, taking a ‘wait and see approach’ to purchasing. Many first home buyer respondents still feel buying a home is out of reach due to challenges of saving for a home loan deposit and finding a home in the right location. Results also indicate a fear of unemployment, uncertainty around future earnings and a lack of housing supply are key concerns for this market,” he said.

The typical first home buyer has changed somewhat.

Survey results found a third of first home buyers are now more likely to be aged over 36, have a household income between $50 000 - $100,000 and 72% live in capital cities.