Rising rents and property prices are motivating first time buyers to get into the property market, according to a new survey.
Mortgage Choice’s annual Future First Homebuyer Survey found increasing house prices were a large influence on aspiring buyers, coming in as the number one concern for the 1,013 respondents.
In terms of key incentives for buying property, 51 per cent of respondents said rising rents were the biggest motivation, second to setting oneself up financially.
Mortgage Choice spokesperson, Kristy Sheppard, said the survey’s results conveyed a real sense of urgency among those with home ownership in their sights.
“In the past couple of years these Australians have observed significant price rises for both units and houses and now they’re starting to see rental costs jump up. Every month of saving for a deposit must feel like a long time to wait and watch an ever-changing landscape,” she said.
“Many are thinking they need to get in soon or they may not ever be able to afford a home that resembles what their heart is set on."
Ms Sheppard said more aspiring buyers were also making lifestyle sacrifices to achieve their goals with 82 per cent citing some kind of lifestyle sacrifice compared to 78 per cent last year.