A survey conducted in February involving 803 respondents has revealed the three top motivators for first home buyers to purchase their first home.
When it came to the top three motivations for purchasing their first home, 86 per cent of respondents responded they were most likely to ‘set themselves up financially for the future by getting their foot in the door of the property market’.
A further 42 per cent said rising rents made owning a property more attractive and 26 per cent saw the benefits in investing their money on such things as property rather than the share market.
In comparison to last year, the respondents of the recent survey were older at the time of the home purchase compared to last year’s survey respondents and a high proportion of those had made lifestyle sacrifices in order to buy.
The survey also revealed that 83 per cent of those who had purchased their first home in the past two years had no regrets about their purchase and were satisfied with their decision.
A vast majority said they had a sound repayment strategy and 63 per cent were contributing much higher payments than necessary.
A further 33 per cent of these people were contributing as much as they could and leaving it in their account to offset the interest owed, whilst 64 per cent have said they would keep their property as an investment after they move.
Western Australia has a very low mortgage arrears rate and it’s likely that this group of individuals will help that position be maintained.