Hello Readers,

I read some interesting stats last week I thought I would share.

The time first home buyers spent searching for a home in 2016:

Less than 7 months:

NSW= 25.9%

NATIONAL= 38.6%

7-12 MONTHS:

NSW 32.4%

NATIONAL 24.9%

MORE THAN 12 MONTHS :

NSW= 41.7%

NATIONAL 63.5%

After several buyers were interviewed for the survey it became obvious that the reason for such time being taken was not because they wanted to take that amount of time, rather it was because they were continually missing out to other buyers either, beating them to the property or out bidding them at auctions.

On average many buyers interviewed said that they looked at close to 100 homes before they were able to secure one. Again not by choice rather because they were missing out.

Just goes to show that the market in Australia is still quite strong overall and there is still first home buyers out there despite cut-backs to grants that were once on offer.

*Mortgage Choice and Sunday Telegraph 13/11/2016

Until next issue….Opinions are my own.