realestateview.com.au the first home buyer...

REALESTATEVIEW.COM.AU THE FIRST HOME BUYER REPORT OCTOBER 2014

EXECUTIVE SUMMARY

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This report was commissioned by realestateVIEW.com.au in September 2014 to examine the attitudes of first home buyers and

owners toward the current property market, motivations for buying or not buying property, spending and saving priorities, and

sentiments on property as a measure of life success.

The research digs deeper into the psyche of first home buyers to ask: is property still a measure of success or is the dream of home

ownership a hangover from previous generations? Are first home buyers merely struggling with affordability or are they shunning

property in favour of other lifestyle choices? Or have first home buyers lost confidence in the market altogether?

Conducted on 1,086 people via an online questionnaire, of which 44.6% were first home buyers, 32.1% were first home owners, and

24.1% were non-buyers. Of the respondents that specified locations, the breakdown of locations was as follows: VIC (56.2%), NSW

(17.4%), QLD (8.9%), SA (6.6%), WA (5.8%), TAS (3.2%), ACT (0.9%), NT (0.9%).

The report found that the definition of a first home owner in Australia is not what it once was, with the majority of first home buyers

and owners (57.1% and 54.1% respectively) now in their 30s and 40s with kids. It also revealed that affordability is playing a

significant role in driving up the average age of first timers, and that many are prepared to make significant lifestyle changes such as

cutting back on discretionary items and social outings in order to save a deposit. However despite rising house prices, first timers

still rank home ownership as the highest measure of success in adulthood, ahead of having a family, a successful career, travelling

and owning a successful business.

Interestingly, it was a different story for non-buyers - while property remains a life goal for many Australians, around a quarter

(24.1%) are going against the grain and have made the decision not to buy property, with over a third of non-buyers shunning home

ownership to allow for financial and lifestyle flexibility.

The research shows affordability will continue to be an issue long term. While the federal and local governments have introduced

stamp duty concessions and grants for buying new homes in to combat affordability, there is an opportunity for further intervention.

Recommendations include:

• Increase the first home owner grant (on a national and state level) for established properties

• Increase the value of dwellings that the stamp duty concession currently applies to

• Bring back the first home savers account scheme (abolished from 1 July 2015)

TABLE OF CONTENTS

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Title Page no

First home buyers and owners

First home buyers: Demographic snapshot 5

First home owners: Demographic snapshot 6

Reasons for buying 7

Buying because of security and stability 8

Saving for a deposit 9

Lifestyle sacrifices – first home buyers 10

Lifestyle sacrifices – first home owners 11

Measures of success in adulthood 12

Confidence in the property market 13

Property as an investment class 14

Property choice and location – first home buyers 15

Property choice and location – first home owners 16

Reasons for not having yet bought (first home buyers) 17

Non-buyers

Non-buyers: Demographic snapshot 19

Measures of success in adulthood 20

Measures of success in adulthood: a demographic breakdown 21

Reasons for not buying 22

Spending savings elsewhere 23

Confidence in the property market 24

4

FIRST HOME BUYERS AND OWNERS

FIRST HOME BUYERS: DEMOGRAPHIC SNAPSHOT

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Age National VIC NSW

Under 18 0.6% 0.4% 0%

18-25 7.9% 8.9% 7.6%

25-29 17.2% 19.2% 15.2%

30-39 33.4% 38.4% 29.3%

40-49 23.7% 21.3% 26.1%

50-59 11.7% 8.5% 15.2%

60-69 4.2% 2.1% 5.4%

70 plus 1.3% 1.2% 1.2%

Have children 50.7%

No children 49.3%

83.5%

16.5% Renting butlooking to buy

Living at homebut looking tobuy

• First home buyers are not the young

singles/couples we once thought. The

majority of first home buyers (57.1%) today

are in their 30s and 40s.

• The number of first home buyers in their

30s in Victoria (38.4%) was higher than the

national average (33.4%) and of that in

NSW (29.3%).

• Interestingly, NSW had a higher proportion

of buyers in their 40s (26.1%) than the

national average (23.7%) and Victoria

(21.3%)

FIRST HOME OWNERS: DEMOGRAPHIC SNAPSHOT

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Age National VIC NSW

Under 18 0% 0% 0%

18-25 2.3% 2.1% 0%

25-29 8.4% 12.2% 0%

30-39 28.8% 34.4% 17.5%

40-49 25.3% 28.6% 21.0%

50-59 23.5% 14.8% 43.9%

60-69 9.0% 6.3% 14.1%

70 plus 2.7% 1.6% 3.5%

Have children 60.9%

No children 39.1%

• Like first home buyers, the definition of a first

home owner has changed. Over half are in the

30-49 age bracket and 60.9% have kids, a sign

it‟s taking longer for people to enter the

market.

• In NSW, there were no first home owner

respondents under 30, another indicator that

affordability is driving up the average age of

first home owners.

• In Victoria the percentage of older owners in

their 30s and 40s (63%) was higher than the

national average (53.9%) and NSW (38.5%).

• It was the opposite scenario for first home

owners in their 50s and 60s. This age group

was much more prevalent in NSW (58%);

nearly triple their Victorian counterparts

(21.2%) and almost double the national

average (32.5%).

REASONS FOR BUYING

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Reasons for buying

First home buyers First home owners

National VIC NSW National VIC NSW

Want to make my own home/have

the freedom to modify or renovate

36.8% 37.9% 33% 18.8% 18.5% 14.5%

Property is a good investment 14.1% 15.7% 11% 11.8% 11.6% 7.3%

Feel there is a social expectation to

own a home in adulthood

1.8%

2.5% 0% 2.3% 1.6% 0%

Want the security/stability of owning

a home

35.0% 32.5% 41.8% 42.9%

40.7% 56.4%

View home ownership as a major

financial aspiration

11.0% 10.7% 11%

23.2% 27% 21.8%

Other 1.3% 0.7% 3.3% 1.0% 0.6% 0%

Are reality renovation shows like The Block

and House Rules creating a ‘renovator’s

market’?

• For first home buyers, their main motivation

for purchasing property was having the

freedom to renovate (36.8%) – ranking

higher than the security of owning their own

home (35%), because they believe property

is a good investment (14.1%), or because

they view home ownership as a major

financial aspiration (11.0%).

• Interestingly, NSW first home buyers were

the only group who didn‟t rank renovations

as their main driver. The security of owning

a home was the most important at 41.8%.

• While first home owners named

security/stability and financial aspiration as

their main motivation for a buying a home,

almost one fifth (18.8%) said they bought

because they wanted to the freedom to

renovate.

• Similar to first home buyers, the

security/stability of home ownership was

much more important for NSW first home

owners (56.4%) when compared with

Victorians (40.7%) and the rest of the nation

(42.9%).

BUYING BECAUSE OF SECURITY AND STABILITY

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Reasons for desiring stability

and security



Wanted the security of not being

controlled by a landlord 67.6% 69.6% 66.7% 64.1% 60.0% 77.1%

Believe property offers strong

capital growth 40% 38.3% 30.8% 37.4% 43.0% 22.9%

Believe property offers potential

for high rental yield 15.7% 14.8% 5.1% 6.9% 7.0% 5.7%

Property offers equity to buy an

investment property/ use as an

extra line of credit

28.5% 25.2% 23.1% 19.2% 19.0% 20.0%

• For those who bought for

security and stability, we dug a

little deeper to understand why.

• First home owners in NSW

were much more driven by not

being controlled by a landlord

(77.1%) than their national

(64.1%) and Victorian

counterparts (60.0%)

• Both first home buyers and

owners in NSW don‟t feel as

strongly about property offering

strong capital growth (30.8%

and 22.9% respectively) as their

national counterparts (40.0% for

buyers and 37.4% for owners).

• In contrast, first home buyers

and owners in Victoria have a

much more optimistic outlook

on capital growth (38.8% and

43.0% respectively).

NB: Respondents were asked to ‘tick all that apply’ to this question.

SAVING FOR A DEPOSIT

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Length of

time

First

home

buyers

First

home

owners

Less than

one year 39.5% 20.7%

1-2 years 28.5% 29.9%

3-5 years 18.3% 32.1%

5-10 years 13.5% 17.2%

Amount

saved

First

home

buyers

First

home

owners

5% 19.9% 20.7%

10% 35.1% 38.5%

20% 22.6% 20.7%

More than

20% 22.2% 20.0%

• We thought it was interesting to compare the

differences between buyers currently saving, and

first home owners who have already experienced

the saving hurdle.

• While the majority of first home buyers (68.0%)

have been saving for less than two years, the

reality is it‟s likely to take them longer. Nearly a

third of first home owners took 3-5 years to save a

deposit.

• Looking at amounts saved, it appears first home

buyers are taking a sensible approach to home

ownership.

• Over a third of first home buyers plan to save a

10% deposit, while 44.8% plan to save at least a

20% deposit. This was on par with first home

owners, showing that the entire first-time market

are conscious savers.

LIFESTYLE SACRIFICES – FIRST HOME BUYERS

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Sacrifice National 18-24 25-29 30-39 40-49 50-59 60-69 70+

Won’t have to

make any lifestyle

changes

16.6% 9.4% 17.1% 33.3% 13.5% 32.7% 23.5% 66.7%

Forgoing holidays 38.5% 40.6% 42.1% 38.7% 43.3% 21.1% 58.8% 0.0%

Cutting back on

social outings 47.3% 53.1% 63.1% 52.7% 40.4% 23.1% 52.9% 0.0%

Cutting back on

discretionary items 53.0% 46.9% 55.3% 63.3% 50.0% 36.5% 35.3% 33.3%

Holding off on big

ticket items (e.g.

cars)

46.9% 56.2% 48.7% 48.0% 51.0% 34.6% 35.3% 33.3%

Holding off on

tertiary education 10.4% 6.25% 15.8% 10.0% 12.5% 3.8% 11.8% 0.0%

Moving to another

state 5.6% 3.1% 3.9% 6.0% 6.7% 9.6% 0.0% 0,0%

Other 5.6% 3.1% 3.9% 4.0% 7.7% 9.6% 0.0% 0.0%

• We also asked first home buyers what

sacrifices (if any) they would have to

make in order to save for a deposit.

• Interestingly, first time buyers in the

25-29 age bracket were the most

willing to make lifestyle sacrifices in

order to save a deposit. 63.1% are

cutting back on social outings, 55.3%

on discretionary items, 48.7% holding

off on big ticket items and 42.1%

forgoing holidays.

• 18-24 year olds were the second most

willing group to cut back on social

outings (53.1%), above 30-39 year

olds (52.7%) and those in their 40‟s

(40.4%) and 50‟s (36.5%).

• More people in their 30‟s are likely to

cut back on discretionary items

(63.3%), as opposed to people in their

mid to late 20‟s (55.3%) and people in

their 40‟s (50.0%).


LIFESTYLE SACRIFICES – FIRST HOME OWNERS

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Sacrifice National 18-24 25-29 30-39 40-49 50-59 60-69 70+

Won’t have to make

any lifestyle changes 37.0% 16.7% 35.7% 39.8% 38.7% 34.6% 32.1% 50.0%

Forgoing holidays 25.4% 33.3% 14.3% 26.1% 23.7% 28.2% 25.0% 50.0%

Cutting back on

social outings 34.1% 50.0% 42.9% 36.4% 30.0% 34.6% 25.0% 50.0%

Cutting back on

discretionary items 35.7% 66.7% 35.7% 39.8% 32.5% 33.3% 32.1% 50.0%

Holding off on big

ticket items (e.g. cars) 31.3% 66.7% 28.6% 29.5% 30.0% 28.2% 42.9% 50.0%

Holding off on tertiary

education 4.7% 16.7% 7.14% 5.7% 2.5% 2.6% 10.7% 0.0%

Moving to another

state 2.5% 0,.0% 0,0% 1.1% 0.0% 6.4% 7.1% 0.0%

Other 7.6% 0.0% 3.6% 9.1% 12.5% 5.1% 3.6% 0.0%

• Similar to first home buyers, younger first

home owners in their 20‟s were more

willing to make lifestyle sacrifices when

they were saving for their deposit. 33.3%

of 18-24 year olds stopped going on

holidays, 50.0% cut back on social

outings, 66.7% cut back on discretionary

items, and 66.7% held off on big ticket

items like cars.

• These figures were also high for owners

in their mid to late 20‟s, with 42.9%

cutting back on social outings, and

35.7% cutting back on discretionary

items. Interestingly, only 14.3% avoided

going on holidays.

• However, a large group of people in their

30‟s also didn‟t have to make any

lifestyle changes to save for a deposit

(39.8%). They were also less willing than

those in their 20‟s to make lifestyle

changes – just 36.4% said they cut back

on social outings, 26.1% said they gave

up holidays, and 39.8% cut back on discretionary items.


MEASURES OF SUCCESS IN ADULTHOOD

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1. Owning a home/having a

family 1. Owning a home

2. Having a successful career

2. Having a family

3. Travelling/great experiences

3. Travelling/great

experiences

4. Owning a successful business

4. Having a successful

career

5. Owning a successful

business

• Despite affordability pressures, first

home buyers haven‟t turned their

backs on home ownership. Owning a

home ranked the highest as

measures of life success in

adulthood, ahead of having a family,

successful career, travelling and

owning a successful business.

• Like first home buyers, first home

owners believe their house is the

ultimate measure of success, just

ahead of having a family. Interestingly,

home owners appear more content

with „experiences‟, ranking travel

experiences as a higher measure of

success than a career and running a

business.

CONFIDENCE IN THE PROPERTY MARKET

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NAT VIC NSW NAT VIC NSW

Strong price

growth 25.5% 26.4% 25.0% 19.1% 20.2% 21.8%

Moderate price

growth 51.3% 48.4% 52.4% 59.2% 59.4% 61.8%

Weak price

growth 15.8% 17.6% 11.9% 16.5% 16.2% 10.9%

No growth 2.7% 2.8% 4.8% 2.5% 2.3% 1.8%

Negative growth 4.5% 4.8% 5.9% 2.5% 1.7% 3.6%

• Despite speculation of a property „bubble‟,

first-timers have an overwhelming

confidence in the property market.

• 76.8% of first home buyers and 78.3% of

first home owners expect the market will

deliver strong or moderate growth over the

next 5-10 years.

• Just 7.2% of first home buyers and 5.0% of

first home owners predict no growth or

negative growth.

• Interestingly NSW first home buyers and

first home owners were more confident

than their VIC counterparts in the property

market:

• 77.4% of NSW first home buyers

and 83.6% of first home owners

believe the market will experience

strong or moderate growth, versus

74.8% of Victorian first home buyers

and 79.6% of first home owners.

PROPERTY AS AN INVESTMENT CLASS

14

• Property remains the top investment choice for

first home buyers and first home owners

nationally.

• Almost half of first home owners plan to invest

in property as their only asset class, while

superannuation is favoured ahead of shares.

• Interestingly, Victorian and New South Wales

first home buyers were the only groups to not

list property as their top investment choice –

instead favouring superannuation.

• It appears the security of having bought a home

might encourage people to become more

adventurous with their investments and take on

higher securities like bonds and shares:

• Just 3% of current first home owners

nationally said they would invest in

super, while 34.3% will invest in shares

and 35% in bonds.

• Of the first home buyers who plan to invest in

areas besides property, they are risk-averse

and careful in sticking to what they know, with

37.6% investing in superannuation and 27.3%

in shares. Just 2.6% of buyers were prepared

to invest in bonds.



Shares 27.3% 40.6% 32.1% 34.3% 32.1% 24.2%

Bonds 2.6% 4.4% 1.9% 35.0% 3.7% 1.5%

Superannuation 37.6% 43.7% 56.6% 3.0% 39.0% 40.9%

Only property 46.4% 33.7% 32.08% 46.9% 43.6% 48.5%

Other ventures 6.5% 5.0% 1.9% 6.1% 5.5% 12.1%

PROPERTY CHOICE AND LOCATION FIRST HOME BUYERS

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Type of home National VIC NSW

A large house in inner suburbs 14.3% 12.9% 10.0%

An apartment in the hub of the

city 7.1% 3.2% 20.0%

An apartment in the inner suburbs 14.3% 6.4% 30.0%

A house with a garden in the

mid/outer suburbs 33.9% 32.3% 40.0%

A smaller house in the inner city

suburbs 30.4% 35.5% 30.0%

A smaller house in the mid/outer

suburbs 8.9% 6.4% 30.0%

An apartment in the mid/outer

suburbs 7.1% 3.2% 20.0%

Other 17.9% 12.9% 20.0%

• While apartment construction is

booming in Melbourne and Sydney,

many first timers still have their hearts

set on a white picket fence.

• In Victoria, just 6.4% of Vic FHBs who

view property as the Great Australian

Dream/major financial aspiration want

to buy an apartment in the inner

suburbs (lower than the national

average of 14.2%), suggesting the

apartment market will largely be

investor-driven.

• Rather, Victorian first home buyers in

search of the Great Aussie Dream want

a large house in the mid/outer ring

(32.2%) or a smaller house in the inner

city (35.4%).

• In Sydney, however, buyers who view

property as the Great Aussie Dream are

positive toward apartment living in any

area - 20% want an apartment in

mid/outer suburbs, 30% in inner

suburbs, and 20% in the CBD (much

higher than the national average of

7.1%, 14.2% and 7.1% respectively).


PROPERTY CHOICE AND LOCATION FIRST HOME OWNERS

16

Type of home NAT VIC NSW 18-29 30-39 40-49 50-

59 60-69 70+

A large house in

inner suburbs 11.5% 16.0% 8.3% 0% 18.2% 23.5% 0.0% 12.5% 0.0%

A smaller house in

inner suburbs 7.7% 12.0% 0.0% 6.2% 13.6% 5.9% 0.0% 0.0% 0.0%

An apartment in the

hub of the city 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

An apartment in the

inner suburbs 5.1% 8.0% 0.0% 18.7% 0.0% 5.9% 0.0% 0.0% 0.0%

A large house with a

garden in the

mid/outer suburbs

53.8% 42.0% 66.7% 50.0% 50% 47.1% 69.2

% 62.5% 50.0%

A smaller house in

the mid/outer

suburbs

8.9% 10.0% 0.0% 12.5% 9.9% 0.0% 15.4

% 12.5% 0.0%

An apartment in the

mid/outer suburbs 10.2% 10.0% 16.7% 12.5% 9.1% 11.8% 7.7% 12.5% 0.0%

Other 2.6% 2.0% 8.3% 0.0% 0.0% 5.9% 0.0% 0.0% 50.0%

• While first home buyers still

hold dreams of living in the

inner suburbs, the likelihood

that they will have to

compromise on housing

preference is high.

• Over half of first home

owners settled on larger

houses in the mid/outer

suburbs.

• Not surprisingly, 18-29-year

olds are happier to buy an

apartment in the inner city

compared with the national

average, an indication that

location is more important

than size for this group.

REASONS FOR NOT HAVING YET BOUGHT (FIRST HOME BUYERS)

17

5.1

35.7

9.7

30.3

2.4

4.9

11.9

Waiting for spring when there aremore properties on the market

Think house prices are toohigh/struggling with affordability

Not sure if it's the right time to buy

Want to save a bigger deposit

Don't want to sacrifice lifestyle

Don't want to be tied down to amortgage

Other

0 10 20 30 40

• Affordability remains the top

reason preventing first home

buyers from having entered

the market already – 35.7%

of buyers have not entered

the market due to high house

prices.

• Furthermore, nearly 10%

question whether now is a

good time to buy at all.

• Wanting to save a bigger

deposit ranked the next

highest motivator after

affordability at 30.3%.

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NON-BUYERS

NON-BUYERS: DEMOGRAPHIC SNAPSHOT

19

Age National

Under 18 0.3%

18-25 9.0%

25-29 10.9%

30-39 25.2%

40-49 21.8%

50-59 19.2%

60-69 10.7%

70 plus 2.9%

Have children 57.5%

No children 47.5%

81.9%

18.0% Renting

Living at home withfamily

• While property remains a life goal for many

Australians, around a quarter (24.1%) are going

against the grain and have made the decision not

to buy property.

• Almost one fifth of people not looking to buy are

living at home with family - these are likely to be

younger adults who haven‟t moved out of home

yet, with 22.2% of non-buyers under 29.

• Like the first time market, a high proportion

(57.5%) of non-buyers have children.

• Over 75% of non-buyers are aged between 30

and 69, suggesting that they may have given up

on the dream of home ownership earlier on.

MEASURES OF SUCCESS IN ADULTHOOD

20

National VIC NSW

1. Having a family 1. Having a family 1. Having a family

2. Owning a home


2. Owning a home





4. Owning a home


5. Owning a business.

5. Owning a business

5. Owning a business

• Among property

“shunners”, home

ownership rated much

lower as a measure of

success in adulthood

compared with first home

buyers and owners.

• Non buyers rated this third

behind having a family and

travel/experiences, and

just ahead of having a

successful career and

starting their own

business.

MEASURES OF SUCCESS IN ADULTHOOD: A DEMOGRAPHIC BREAKDOWN

21

18-24 25-29 30-39 40-49 50-59 60-69 70+

1. Having a family

1. Travelling/

great

experiences 1. Having a family 1. Having a family 1. Having a family 1. Having a family

1. Having a family/

travelling/ great

experiences

2. Owning a home

2. Having a

successful

career

2. Having a

successful career

2. Travelling/ great

experiences 2. Owning a home 2. Owning a home 2. Owning a home

3. Travelling /great

experiences

3. Having a

family


experiences

3. Having a

successful career

3. Having a

successful career


experiences

3. Owning a

business

4. Having a

successful career

4. Owning a

home 4. Owning a home 4. Owning a home


experiences

4. Owning a

successful

business

4. Owning a

business/ having a

successful career

5. Owning a

business

5. Owning a

business

5. Owning a

business

5. Owning a

business

5. Owning a

successful

business

5. Having a

successful career

REASONS FOR NOT BUYING

22

Reasons for not

buying

Nation

al 18-24 25-29 30-39 40-49 50-59 60-69 70+

Don‟t think I can

afford a home 61.8% 69.6% 57.1% 65.1% 61.1% 64.0% 55.6% 28.6%

Don‟t want to be

tied down to a

mortgage

21.0% 34.8% 42.9% 15.1% 16.7% 18.0% 14.8% 0.0%

Want a flexible

living

arrangement

17.5% 17.4% 21.4% 13.6% 22.2% 20.0% 7.4% 14.3%

Can afford to rent

closer to the city,

as opposed to

purchasing in

outer suburbs

15.1% 21.7% 28.6% 16.7% 13.0% 12.0% 0.0% 14.3%

Uncertain about

the long-term

returns of

property market/

don‟t think it‟s a

good investment

5.0% 13.0% 10.7% 3.0% 5.6% 4.0% 0.0% 0.0%

Other 15.5% 13.0% 14.3% 12.1% 13.0% 14.0% 30.6% 42.9%

• Affordability is by far the main

reason stopping people from buying

a home, while 15% refuse to buy

because they can‟t afford their

location.

• However, over a third are shunning

home ownership to avoid being tied

down by a mortgage and spend

their savings elsewhere, or to

ensure a flexible lifestyle.

• Understandably, these figures were

higher among 18-29 years olds,

39% of whom don‟t want to be tied

down to a mortgage in favour of

travel and social outings.

• This trend was not present among

30-39-year olds, however, with just

15.9% saying they don‟t want to be

tied down to a mortgage, showing

affordability is the key driver locking

buyers out of the market, not

lifestyle.


SPENDING SAVINGS ELSEWHERE

23

79.4

23.5

11.7

26.4

5.8

17.6

11.7

2.9

17.6

5.8

2.9

Holidays

Social life

Raising a family, education

Discretionary items

Big ticket items

Buying a business

Investing in shares

Investing in bonds

Making additional super contributions

Don't want to spend savings

Other

0 20 40 60 80 100

• Of those wanting to spend

their savings elsewhere,

holidays are the main

alternative financial priority.

• Of those in favour of a flexible

lifestyle, the ability to move to

a new area is the main driver.

Want to spend time

overseas 36.8%

Want to move to different

areas easily 47.4%

Other 5.3%

Need to be able to move for

work 15.8%

Reasons for wanting flexibility


CONFIDENCE IN THE PROPERTY MARKET

24

• Like current buyers, non-

buyers actually have

confidence in the property

market; their choice not to

buy is being driven by

affordability and changing

lifestyle choices.

• Over 60% expect property

price growth will be

moderate or strong over

the next 5-10 years.

19.3

34.9

9.4

0.9

5.3

30.3

Strong pricegrowth

Moderate pricegrowth

Weak price growth

No growth

Negative growth

Don't know

0 10 20 30 40

Contact details

Anna Kenneally/ Mia Cochrane at Keep Left

[email protected]

[email protected]

03 9268 7800

25

mailto:[email protected]

mailto:[email protected]

realestateview.com.au the first home buyer...

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