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Despite the government encouraging first home buyers to enter the market, it will ultimately come down to confidence in financial situations and future employment, an industry expert explained.
In a conversation with REB, PRD managing director Todd Hadley pointed out that investors are taking advantage of government schemes, with confidence likely to be the driving force moving forward.
“Buying a property is all about confidence in employment. If there is confidence in their market and employment, they are certainly taking advantage of the first home buyers schemes,” Mr Hadley said.
“The question is, in this current climate with the pandemic, is there enough of these first home buyers confident in their employment to take that leap into being first home buyers?”
Mr Hadley explained while his agents have given him positive feedback, it remains sector-based how confident Australians are about purchasing their first home.
“It’s a mixed bag. It depends on that space you’re employed in,” Mr Hadley said.
“That 20- to 30-year-old age bracket, where some are just going into their first job, they are going into a market that is growing or shrinking, so it depends.”
Mr Hadley also discussed the confusion for first home buyers, explaining the importance of research to ensure that they can take advantage of government subsidies.
“When we were talking to our franchisees, they were saying we have questions left, right and centre from our buyers on what’s included,” Mr Hadley said.
To help with this, PRD has put together a guide which explains what first home buyers are eligible to receive.
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