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What Are Trends For First Home Buyers? The boom in housing prices effectively kicked most potential first homebuyers out of the market as they found it difficulty - if not impossible - to raise enough deposit to get them decent terms for their loans. The percentage of first homebuyers in the market was 24%, but over a few years fell to just 14%. However, they are now beginning to creep back in, with an increase of 17% of the market. Not quite as much as pre-boom, but steadily strengthening.
First homebuyers are just like the rest of us; they want to buy the best they can afford. But this is traditionally smaller, since they frequently don't plan to start a family for some years. Apartments and units close to their work have traditionally been the popular choice for first-home buyers.
With both working, there is no time to look after a garden.
It's usually not until family needs increase that they consider moving out to the suburbs and getting something a little bigger, with yard-space for the kids to play.
Now that prices have eased back in some areas, first-homers are happy to be able to get what they want and by 2010 the market is likely to see an increase of first homebuyers to the tune of 5.9 % or $31.5 billion dollars in loans.
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