Nearly two-thirds of first-home buyers are feeling pessimistic about the current property market, with 56% citing the cost of living crisis as affecting their plans to purchase a home, new research shows.
The latest Property Seeker Survey by realestate.com.au shows buyers are feeling stressed, overwhelmed, anxious, or nervous about the buying process, with more first-home buyers experiencing these emotions than upsizers, downsizers, and investors.
Only 20% of first-home buyers believe it’s a good time to buy property, although they do think it’s a more favourable time for selling or investing.
The primary factor delaying first-home buyers is the cost-of-living crisis, closely followed by property prices.
Top reasons for first-home buyers to delay purchasing a property
Half of first-home buyers have paused their plans due to economic concerns and rising interest rates.
Alarmingly, 41% of first-home buyers feel their financial situation has deteriorated over the past year, compared with 31% who …