As house prices continue to rise, first home buyers have been searching for cheaper homes away from city centres, a new survey shows.
Research by Bankwest-Mortgage and Finance Association of Australia (MFAA) found that of the 850 people surveyed, 47.9 percent of first time buyers are now looking to purchase a cheaper property than they originally intended, to break into the housing market.
About a third (32.3 percent) said they were looking for a smaller property, while 24 percent were seeking out an older property rather than moving to a new home, and 31.3 percent said they were looking for properties further from city centres.
MFAA CEO Phil Naylor said the financial crisis has forced many first home buyers to downsize their dreams of owning a “McMansion.”
“(They) are looking at buying a home instead of a super-sized property that makes a statement about their lifestyle or prestige,” he said.
