Just under a third of property sales in Australia are to first time buyers. If you’re selling your home soon it pays to consider this demographic when you market your property.
With that in mind, what do first home buyers really want?
More than anything first home buyers want to buy a property that represents good value. In fact, 30.5% of first home buyer respondents in a recent Mortgage Choice survey said this was the most important factor in their decision.
For first home buyers good value doesn’t just mean a low price. The mortgage repayments must be affordable, the deposit shouldn’t stretch their limits and there should be a good chance that the property will increase in value. Most first home buyers are spending their life savings so they want to be sure that their purchase will be a financial steppingstone rather than a money pit.
Lifestyle and location
When you buy a property you buy a lifestyle as well, and for first home buyers the lifestyle part is particularly important. They want to be close to work to cut down their commute, as well as having easy access to parks, cafes, shops, bars and public transport.
That’s why, when marketing your property, you should highlight the lifestyle that the location can offer if you’re looking to attract first home buyers. That can be as simple as alluding to a nearby off-leash dog park, or a cool new cafe within walking distance.
Variations of the First Homeowner Grant are available in most Australian states to eligible first home buyers. This amount of the grant varies from $7,000 to $20,000 and is usually only for new homes. Many first home buyers prefer to buy brand new property directly from the developer, or bare land so that they can make the most of the grant.
First home buyers are often on a tight budget and have already saved for years to amass their deposits. That’s why they often prefer to move into properties that are brand new or renovated – so that they can move in and start enjoying the place without spending any more money.
Marketing your property to first home buyers
If your property is in an affordable area, near the city centre and has two to four bedrooms it may be very popular with first home buyers. When selling think about what’s important to them and emphasise it in your listing to give yourself the best chance of a successful sale.