1ST HOME BUYER WANTS
Fast facts about 1st home buyers – who they are; a brief description of a typical 1st home buyer; what they think about when looking for a first home; preferences; and what most buy.
- 25 to 44 years
- 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)
- Portfolio work not long-term work commitment
- Partnering later
- Parents as friend
- Sex, less stigmas, very little tradition
- Fewer children
- In short, options galore – so it is not until their late 20/early 30s to early 40s that many buy their first home
- Room to grow
- Property improvement
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 1st 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.
An important footnote
The words ‘footnotes’ and ‘enjoy’ are rarely found in the same sentence. Reading footnotes is akin to being slowly bludgeoned to death by a blunt instrument. Our consultancy reports, and even the footnotes, are more like a quality red or the wafting scent of Julia’s¹ freshly baked scones on a crisp Brisbane morn.
Unlike most other property based reporting, you won’t nod off reading our stuff. Property is too frigging boring as it is, without making it worse.
So if you want a report that you will actually enjoy reading; from someone that knows what they are doing and who isn’t shy to tell you the way it really is – well you know what to do.
¹ I had to get the Mrs in here somewhere – Julia’s Pantry. A few clicks will get me out of some serious hot water. Please!!! And yes she makes a cracking good scone accompanied with her own jam.
Keen to hear your thoughts.
Until next time,
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