First home buyers in Western Australia tended to be younger than those in the eastern states, more likely to buy a brand new home and more likely to sacrifice other expenses in order to achieve it.
These and other findings were detailed last week following a survey of 509 first home buyers across Australia by brokers Mortgage Choice.
The survey also found that first home buyers in WA are the most independent property buyers in Australia, with 37 per cent planning to buy their first home on their own. This figure was 32 per cent nationally.
Real Estate Institute of WA President Alan Bourke said he was not surprised by the results, suggesting that our economy probably influenced the outcome.
“Employment tends to be stronger and salaries higher in WA, so this gives many younger people an earlier chance at home ownership,” Mr Bourke said.
West Australians were also the most likely to sacrifice other aspects of their lifestyle in order to buy a house and secure a mortgage.
Mr Bourke said this was a major turn around from last year, because in 2009 the same survey found that West Australian first home buyers were the least likely to sacrifice other aspects of their lifestyle.
“I think the stronger housing market and rising interest rates have nudged many first home buyers into a more serious and considered view of home ownership and the benefits of reducing the mortgage sooner,” Mr Bourke said.
The top three sacrifices nominated by first home buyers were cutting back on spending, missing out on a holiday and buying a less expensive home.
This week the Australian Bureau of Statistics revealed that the number of WA first home buyers fell by 30 per cent between December last year and January this year, equating to a drop in numbers from 1,835 to 1,254.
The ABS reports the average loan size for first home buyers across Australia in January was $302,000.
Mr Bourke said that this figure was likely to be higher in our state, with recent data from the Office of State Revenue showing that the median purchase price for first home buyers in WA was $418,500 in January.
“This is up by $48,500 on the same time last year, when first home buyers were purchasing in the median range of $370,000,” Mr Bourke said.