Smaller, older, cheaper properties appeal to FHBs
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23/12/2009 8:00:00 AM
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First home buyers have changed their home ownership aspirations in the wake of the GFC, according to the latest Bankwest/MFAA Home Finance Index.
The report canvassed the opinion of 850 people on a range of issues relating to first home buyers and found a preference for cheaper and smaller homes located further from city centres in an attempt to break into the housing market.
"The financial crisis has changed the aspirations of home buyers, effectively downsizing the great Australian dream," said Phil Naylor, CEO, MFAA.
According to the survey, 47.9% of first time buyers are now looking to purchase a cheaper property than otherwise intended. A third are seeking a smaller property and a quarter an older property rather than moving into a new home. Another 31.3% said they are looking for properties further from city centres.
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