RAMS’ annual first home buyers’ survey has revealed a strong reluctance to commit to a purchase, despite optimal buying conditions.
It found only 17% were seeking to buy in the next three months, despite nearly 75% of respondents claiming now was a good time to buy.
Two-thirds are seeking to buy in the next 12 months, confirming a pervasive ‘wait-and-see’ approach.
’ chief executive Melos Sulicich
said a general lack of confidence and higher rents were halting activity in the first-home buyers’ market.
“[They] told us some of the key challenges to saving for home loan deposit are paying an average of $320 per week in rent, having unexpected expenses and the general cost of living,” he said.
“Good deals are out there for first home buyers but a general lack of confidence to take the first step may see some miss out on their ideal property to savvy investors.”