Here’s what today’s First Home Buyers are really thinking…

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Over the last couple of months, we’ve been working on an internal research piece involving interviews with First Home Buyers in Sydney, Gold Coast and Brisbane.   

Here’s what we learnt: 

  • FHB’s are actually MORE motivated today, than they were before interest rates started rising in May 2022 
  • There is a massive variation in the level of understanding of state and federal first-home-buyer schemes, with federal being the least understood 
  • ‘Seeing’ is what inspires FHB’s – virtual tours, display suites, physically viewing properties 
  • Biggest concern is the changing financial impacts of interest rates, and watching overpriced properties continue to sell 

Which news sources do they value the most? 

  • Social media 
  • Podcasts 
  • REA/Domain – because there is ‘less fear-mongering’ 

What developers could do to make the buyer journey better/easier: 

  • Keep the development modern and similar to surrounding areas 
  • Provide a step-by-step process that explains exactly how to secure a property 
  • Provide virtual tours and other visualisation tours 
  • Provide transparency around price 

Their tips for other First Home Buyers: 

  • Do financial modelling and seek advice 
  • Stay positive – if you’re out there looking, you’re already halfway there 
  • Ask selling agents lots of questions 

What advice have they valued most? 

  • Family advice – ‘There is always money in property’  
  • Advice from colleagues who know property market well 
  • Positive advice about the market outlook 
  • Practical tips about how to save money, or how to avoid common pitfalls 

So, our takeaways are: 

  • Consider more positive and constructive educational content that supports FHB’s 
  • Explore using visuals in different ways  
  • Explore ways to help FHB’s feel like they are informed and in control 
  • Consider how to get more out of FHB visits to sales offices, display homes or virtual tours 

There’s nothing quite like talking directly to customers to get real and current perspectives. 

To learn more about how our research services could help your project, contact us today. 

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