Homebuyers often enter the housing market armed with a list of items that they are looking for in the ideal investment property.
And while there may be some differences between his and her checklists, it seems that most people are looking for new ways to secure a mortgage without breaking the bank.
In fact, according to the team at Property Observer the recent increases in first-home buyer activity offers a rare insight into a market that is guided by so much more than auction clearance rates or sales.
Figures from the ABS have drawn widespread analysis from commentators at the nation’s major banks and mortgage businesses, with both groups suggesting that a push towards home ownership and preference for fixed interest rates showed that buyers were ready to spend as well as avoid any unnecessary risk.
David Cannington, a representative from ANZ Research, told the news publication that lower house prices and interest rate cuts were making housing more affordable.
“This is the highest first-home buyer share of total approvals since January 2010 and shows that improving housing affordability is generating some moderate first-home buyer activity.”
New figures, which were released by the ABS earlier this year, show that housing approvals for the month of November rose across the country.
They also reveal an increase in the number of owner-occupied mortgage approvals which is the eighth consecutive rise in almost as many months.
But when asked why so many new home buyers were looking to lock in a competitive home loan rate, rather than a variable rate, Mr Cannington said external pressures such as economic conditions were at play.
“Attractive fixed mortgage rates and ongoing financial market uncertainty continued to drive an increase in fixed rate lending,” he said.
And it seems that the possibility of a further rate cut in Feburary is helping to boost consumer confidence in the real estate market, as well as breathe fresh air into an industry that has struggled during tough economic circumstances.
But all this information just brings us back to our initial point – the notion that men and women have different priorities when it comes to purchasing a home.
This may be true when you are talking about issues like the proximity of your home to private schools and public infrastructure, the importance of a backyard, and whether it is better to live in the city or move further away where land is often cheaper.
Yet despite the fact these are all important issues it seems that when it comes to mortgage repayments it pays to compare home loans.
