South Australians looking to buy their first home are being encouraged to up the ante on their search for a property, as affordability, lending options and fewer investors creates more opportunities for them to achieve the Great Australian Dream.
That’s according to LJ Hooker SA/WA Managing Director Andrew Friebe, who said housing affordability was continuing to improve throughout the state, paving the way for more first home buyers to purchase a property.
“We really want first home buyers to see our agents as advisers who are there to help navigate what can seem like a mystifying process,” Mr Friebe said.
Latest Core Logic figures show 495 first homebuyer finance commitments were recorded in South Australia in December 2018.
While this is down 6.4 per cent compared to November figures, last year, the numbers are 2.3 per cent higher than a year earlier.
Andre Rose of LJ Hooker Craigmore and Elizabeth said properties priced well below the Adelaide-wide median of $465,000 were of particular interest to young home buyers.
“We’re getting more inquiries from first home buyers and seeing more attend open inspections and auctions,” he said.
“This is particularly the case in the northern and southern suburbs, where it’s cheaper to purchase a home than it is to rent.
“While we think now is a great time for first home buyers to make the jump and invest in real estate – and invest in their future – there are several key tips they should follow throughout the process.
“This includes spending within their means, creating a checklist with your key ‘must have’ features on it before visiting properties and ensuring you thoroughly research the locations of properties.”
Buying a first home has certainly been an ongoing struggle for Henley Beach resident Bianca Parker and her partner Benet who have spent the past 12 months trying to save a deposit to buy a property.
Ms Parker, who is a Community Development Office for Surf Life Saving SA, said the couple had revisited their budget several times and would soon move back into her parents’ western suburbs home in an attempt to save even more.
“Expenses we have had to cut back on are not eating out as often, not buying a coffee every day and when we go out one of us will drive instead of using Uber,” she said.
“I am now moving back home as well in order to save the money spent on rent and bills.
“The deposit really is the biggest hurdle, but I hope by moving back in with my mum and dad, I’ll be able to save on the rent and bills I was having to pay when I was living away.”
Ms Parker and partner Benet are ideally looking to buy in suburbs such as Henley Beach said they are looking in affordable suburbs such as Findon and Woodville.
Top tips for first home buyers:
1. Define your budget – write down all your expenses, trim where you can
2. Plan your savings – Can be good a good idea to set up an online savings account to keep funds out of daily reach
3. Determine if a house and land package or established home is best for you
4. Approach lenders to ensure pre-approval of funds