Why the time is right for first-home buyers

PHOTO: The time is right for first-home buyers. Picture: Dylan Robinson Source: News Corp Australia

Changes in the real estate market as a result of COVID-19 have opened up plenty of opportunities for first-home buyers. Here’s how to take advantage.

Real estate changes as a result of the coronavirus have made for an appealing market for first home buyers. Here are five reasons why rookie real estate buyers should be spending their time at home during the COVID-19 crisis sharpening their search for their first property purchase and making it happen for them.

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Investors have taken a back seat

Less competition is a good thing for first-home buyers. It means the market isn’t sprinting forward and prices won’t be pushed up by keen investors with deep pockets. Traditionally (especially in the cities) investors and first-home buyers go for the same types of property in similar neighbourhoods, such as city-fringe units in palatable price brackets. Since the eviction moratorium, investors have cooled and the result is a quieter playing field for first-home buyers.