A majority of first homebuyers believe they won’t be able to afford exactly where they want to buy, new research has revealed.
According to Mortgage Choice’s 2014 First Home Buyer Survey, which canvassed the opinions of more than 1,000 future first time buyers who plan to purchase a property within the next two years, 54.3 per cent of respondents said they will not be able to buy where they want to.
Of those who indicated they would not be able to buy where they wanted to, 88.8 per cent said it was because “the area is out of their price range”.
“When the survey asked the first time buyers why they were looking to purchase property within the next two years, 53.3 per cent said it was because they wanted to ‘set themselves up financially for the future".
“This reaction indicates that first time buyers see benefits in buying property and as such, are keen to get themselves on to the property ladder sooner rather than later.
“In fact, it is not uncommon to see first time buyers purchase an investment property before an owner occupied property.
“Purchasing an investment property first allows first time buyers to purchase where they can afford and still live where they want to.”