The Advertiser - Real Estate

More buyers seek to enter the market

- Nick Reade BankSA CEO

During a challengin­g year for many, COVID-19 is continuing to shape home ownership goals of young South Australian­s, with 56 per cent of first homebuyers now looking to enter the property market in the next five years, according to new research by BankSA.

The data also suggests that first homebuyers in general are feeling more optimistic about entering the housing market than they did 12 months ago.

The latest BankSA research reveals that four in 10 aspiring first homebuyers feel more positive about stepping onto the property ladder than the same time last year, with 17 per cent declaring that low interest rates were a contributi­ng factor.

No longer wanting to pay rent is the major driver for purchasing a first home (for 31 per cent of respondent­s), followed by seeking a sense of stability (33 per cent) and financial security (32 per cent) after the uncertaint­y brought about by COVID-19. The study also revealed that 43 per cent of first home buyers cited COVID-19 as the reason for them to reconsider the type of suburb or area they would like to live in.

The top South Australian locations that first home buyers identified they would like to buy were in the southern suburbs located approximat­ely 10 to 20 kilometres from the CBD, including suburbs such as Bedford Park and Bellevue Heights.

For young South Australian­s, investing in property can be a good way to establish budget discipline­s and plan for their financial future. It’s encouragin­g to see that positivity among first homebuyers is on the rise and that the ‘great Australian dream’ of home ownership is still alive and well, despite challenges from 2020.

Purchasing a property will most likely be the biggest purchase anyone will make in their lifetime, so it’s always important to thoroughly prepare. Research the market and understand all the costs involved – including indicative loan repayments – which will help you plan, budget and ultimately buy a property that’s best for your circumstan­ces.

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