first home buyers

First home buyers persisting in 2023

Author: Ben Reid - Manager VAA

The latest data from Corelogic examining the inner workings of the Australian property market provided some interesting insights for buyers and sellers.

Released last week, Corelogic’s figures confirmed several trends that we have been reporting on recently, along with some other numbers that might surprise quite a few readers.

The data suggests that home values around the nation have not only levelled out but have increased very slightly lately. The latest figures say that in the three months to the end of April 2023, national house prices rose by 1 per cent.

Another positive sign for anyone considering a move in 2023 is that the amount of time a property takes to sell has also begun decreasing. In the three months to April the median days on market was down to 33 days. The comparable figure in the three months to February was 37 days.

What was really interesting is the early signs of a recovery in housing finance trends, despite the string of increases in official interest rates by the Reserve Bank.

New housing loans in March hit $24.0 billion, which was an increase from the previous month of just under 5 per cent. Importantly for first home buyers, the value of loans for first home buyers was up by 12.3 per cent in the same month, suggesting that the higher interest rates may not be having the impact on market entrants that many people assumed. In fact, first home buyers made up 24.7 per cent of owner-occupied finance in March, which is above the ten year average of 23.7 per cent.

Here at Ian Reid Buyer and Vendor Advocates, we have been able to assist countless Victorian first home buyers by not only sourcing the right properties in the right location at the right price,

particularly when it comes to sourcing properties that are only available off-market, and therefore unknown to most members of the public.

So whether you are a first home buyer or not, feel free to give us a call this week on 9430 0000 if you need experienced and objective advice in the current market…and don’t forget, for those planning on selling in 2023 you’ll also find plenty of helpful suggestions in our free booklet, “Fatal Real Estate Traps Exposed”.

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