First-home buyers face stiff competition

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IF you’re trying to enter the property market, put together to face some stiff competitors, as new analysis reveals the variety of potential first-home patrons has elevated considerably over the previous 12 months.

Evaluation by RFi Group, on behalf of, reveals there are an estimated 57 per cent extra potential first-home patrons available in the market throughout the nation than this time final yr.

The estimated variety of potential first-home patrons at present trying to find a house is greater than 178,000 – up on the virtually 114,000 who purchased previously 12 months.

Securing their dream house gained’t essentially be simple, as a result of the report revealed there are nearly twice as many potential traders (323,000) trying to purchase.

It additionally revealed patrons took, on common, about 19 months to purchase. Greater than 13 months had been spent researching the market, adopted by 5.6 months of creating affords or bidding on properties. chief economist Nerida Conisbee mentioned the market was experiencing the best degree of first-home patrons since 2010.

“We will anticipate first-home- patrons to be energetic for the rest of the yr,” Ms Conisbee mentioned.


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