FIRST HOME BUYERS
First home buyers were very active in 2020 , despite the pandemic , a recession and a sharp rise in unemployment . So much so , first home buyer purchases hit the second highest number on record and hit their highest level ever recorded in Victoria , Western Australia and Canberra .
The end of sharp price rises will be a welcome relief for most first home buyers who tend to not transact as much in fast moving markets . In addition to a slower market , many first home buyers will also benefit from the extended loan guarantee scheme announced in the recent Federal Budget . The third driver of more interest from first home buyers is rising rental levels which could make buying a home a better option .
As a result , the steady fall we ’ ve seen in first home buyers since the start of last year is likely to start to stabilise this year .
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