First home buyers are not all in their 20s

According to the Australian Bureau of Statistics (ABS), the median age of first home buyers today are in fact, couples with or without dependent children in their early 30s. While there are certainly single people in their 20s entering the property market for the first time, many more are actually in their 30s, 40s and older. A fear of increasing interest rates has little impact on whether first home buyers decide to enter the property market - but it is more a case of affordability, employment, personal or family issues that restrict them.

First home buyers who are keen to enter the property market should speak to a qualified mortgage broker first to find out whether they can afford the repayments and whether this is the best option for them at this point in time. There may be other opportunities available that they did not think about.