There’s some good news that’s emerged from the doom and gloom of the winter sales numbers: more first-home buyers are making their move. CoreLogic reports that first-time buyers made up 23.4% of all buyers in August, “their highest share in almost four years”.
What first-time buyers purchasing?
- Almost three-quarters (73%) are buying houses.
- 17% are buying units/townhouses.
- 5% are buying apartments.
People who already own houses are staying put, with just 21.7% of sales from those shifting to a new house – which is both a symptom and a cause of the low numbers of listings and sales.