The Property Tribune
Housing choice is the key to accommodating the modern first home buyer, according to industry experts.
There has been an evolution in the housing needs of this critical portion of the market, due to changing demographics, as well as economic circumstances that are making it harder to get a foot on the property ladder.
Data from the Australian Bureau of Statistics (ABS), the 2021 Census and AHURI all reflect how the first home buyer demographic is changing. The average age of modern first home buyers is around 32 and they tend to have an average household size of 3.2 persons, meaning what they are looking for now is very different to historic needs.
Stats from the ABS also suggest first home buyers will look to buy more affordable homes but they will be spending a larger share of their household income on housing, compared to changeover buyers.
This article was republished by The Property Tribune having been originally written for UDIA WA’s The Urbanist magazine. To read the article in full, click here.