As leading property experts, the team at Colliers International know a thing or two about helping every First Home Buyer (FHB) make their first property purchase.
One of the most important things to remember is that without a complete understanding of your financial position, you cannot begin your search in earnest.
The good news – it’s currently a better market for First Home Buyers, “Primarily due to affordability,” says Dennis Vertzayias, National Director, and Head of NSW Residential Project Marketing. “Prices have corrected and now more in line with FHB budgets and aspirations.”
Colliers has spent years ensuring they have the best tools to help FHBs. Says Dennis, “We are proud to implement market leading technology which enables our CRM and database management systems to quickly and efficiently connect a FHB with the appropriate Colliers property listing inside the FHB price bands.”
“In addition, we have developed the Colliers FHB guide and made this quickly accessible to all our FHB customers. Colliers also communicates with our FHB’s and provides them with information to help keep them informed and educated on all things FHB!”
The Colliers FHB guide has plenty of advice including tips on saving for a deposit. “Yes, saving for a deposit is a challenge,” says Dennis, “it will be one of the most challenging early things you will do (financially) in your lifetime. But there are simple steps that you can take to assist with this process, and there is nothing more powerful than educating yourself on the facts – to bring home ownership closer.”
There are a number of Government incentives on offer to help you take your first step to home ownership.
The First Home Owner Grant is a scheme which helps eligible buyers to purchase their first home with a grant. This varies from state to state and currently sits at $10,000 in New South Wales and Victoria.
There is also the First Home Buyer Super Saver Scheme. This allows first home buyers to access funds from their Super account to help with purchasing their first home.
Says Dennis, “In my view, now is an ideal time for buyers. We have experienced a 12-15% decrease in prices across Sydney already – which we have not seen since 2008/09.”
“I believe that the majority of this correction has already occurred and that we are certainly at the right end of the cycle to be entering the market.”
“We recognise the pressures that some young people feel about the residential property market. Our team is committed to assisting buyers at all stages of the purchasing cycle, and even if they feel that they are not currently in the market to buy, they can talk to a Colliers representative at any time.”
For more expert advice download the Colliers International First Home Buyers Guide here.