Many younger Australians are considering a range of options to get into a first home, with new industry research suggesting some are even looking interstate.
According to Finder's First Home Buyers Report 2021, which surveyed 1,028 first home buyers, 1 in 5 (20%) of prospective homeowners are searching for their first property in a different state or territory to where they currently live.
The report found that first home buyers from New South Wales (24%) are more likely to consider buying a property in another state than those living in Queensland (19%) and Victoria (17%).
The report said that more affordable property across state borders is luring savvy first-time buyers. At the same time, COVID-19 has encouraged Sydney and Melbourne residents to swap the hustle and bustle of city living for the more laidback and affordable lifestyle in regional areas.
Undoubtedly, rising prices in the cities have also encouraged first-timers to look interstate or regionally. However, before you make a move, be sure to do plenty of research on the market in a different region, state or territory where you want to buy.
As part of your research, be sure to talk to an experienced real estate agent who can help bring you up to date on the market and the local facilities and amenities. To this end, Raine & Horne has offices in every capital city and many major regional population hubs around the country.
As a first-timer, be sure to consider the tax breaks and government subsidies available to you in the state or territory you're considering. Every state and territory has its own tax breaks for first-time buyers, as well as varying grants and concessions. So, as part of your research, check your eligibility entitlements before purchasing a home in another state or territory. A Raine & Horne agent will be able to also provide you with information about the local tax concessions and subsidies.
Finally, often buying a property in another state or territory, even if you don't live in it, will make you ineligible for any first home buyer benefits in your state or territory of origin. So, be sure to factor this into your decision-making before buying interstate.
To find about buying a first home in an Australian state or territory to where you currently live, contact a Raine & Horne agent today.