Mortgage brokers in Kwinana have noticed this anecdotally, but now it has been verified: people in the Perth area are buying their first homes at a younger age than in the past.

Statistics now show that the number of first home buyers 30 years of age or younger has increased 60% in the last six years. In 2008, 30% of first home buyers were 30 years of age or younger. In 2014, the number jumped to nearly 50%. 20% of those buying their first homes are 25 years of age or younger.

One reason: many younger Australians are living at home with their parents to save up for their first homes instead of renting. The Managing Director of a Perth housing development firm notes that what he calls “Gen Z” buyers are becoming a force in the marketplace, not only for first homes but for investment properties.

A real estate agent in East Perth has sold homes to people under 21 and says that some “saved since they were teenagers.” According to David Airey, president of the Real Estate Institute of Western Australia (REIWA), younger buyers are purchasing homes because they know the real estate market is usually strong over the long term and want to purchase homes before the prices are “beyond their reach.”

What We Think

Home ownership isn’t for everyone, but for those who anticipate being able to meet the repayments, early market entry is nearly always a good strategy. If you have a good career that looks steady, now is the time to find out exactly what you need to do to afford a home.

First Home Buyers: Act Now

If you are thinking about buying your first home, call one of our friendly and professional mortgage brokers at Smartline Rockingham. We will ask you for some basic information then see how much lenders are willing to approve for your first home. That way, you know exactly what you can afford.

To learn more or to get started, call (08) 9527 1800 today.