Will it be any easier to buy a first home this year?
First home buyers who can summon the courage and means to make the leap into the property market in 2023 will likely face less competition and softer prices than during the boom.
Although the number of first home buyers in the market has plunged about 31 per cent over the year to November, according to Australian Bureau of Statistics figures, given the rise in interest rates, the end of some grants and tighter borrowing restrictions, there are still opportunities.
“It’s a difficult time for first home buyers, but there’s still some good news,” said PRD Real Estate chief economist Diaswati Mardiasmo, adding the average loan size has been edging down.
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