1st Home Buyer Wants

Two minute read.

Fast facts

• 25 to 44 years
• 3.3 people per household
• 36% no children at home
• 30% couples or living alone
• A projected 26% of total new housing demand over next decade (in this case, for the Brisbane outer suburbs)

Brief description 

• HECS
• Portfolio work, not long-term work commitment
• Partnering later
• Parent as friends
• Sex, less stigmas, very little tradition
• Fewer children
• In short, options galore – so it is not until their late 20s/early 30s to early 40s that many buy their first home

Housing considerations

• Room to grow
• Affordability
• Property improvement
• Tenant/s

Preferred housing options:

• 10% to 20% – apartments (inner city)
• 20% to 30% – townhouses/duplexes and similar multi-housing products (middle-ring suburbs)
• 50% to 70% – detached-based homes (mostly outer suburbs)

What most buy?

• A property that can be improved – so they often buy an existing dwelling – in fact, four out of five 1^st home buyers buy an older established home

• What also appeals is a property that is capable of taking in a tenant/s to help pay the mortgage

Something to think about  

Given that first home buyers are looking for a home they can improve – and when it comes to a middle or outer suburban setting – our discussions with this market segment suggest that a new smaller, yet high quality house (being either a one or two-bedroom property) has considerable appeal.

The key is that this home is sold with an approved building extension/improvement plan and costing in place – so that they can expand the house, within a set time frame and budget.

This arrangement allows a young couple to afford a home now – maybe gain some additional rental income over the short to medium term – and expand (or improve) it as their needs change and/or finances improve.