Cancelled gap years could trigger first home buyer frenzy

PHOTO: COVID-19’s cancellation of travel plans could fuel demand from first home buyers in Western Australia, according to a chief executive.

Raine & Horne CEO Andrew Brien said that the Perth market is already proving resilient despite the economic impact of COVID-19, with properties selling above expectations.

Moving forward, he expressed that the closure of international borders, along with more affordable entry points and government stimulus, could encourage more younger Australians to start their real estate journey earlier.

“COVID has forced many younger Australians to either cancel or postpone the traditional post-university gap year, which means that they are starting in the workforce earlier,” he considered.