There aren’t too many first time home buyers in the market right now and developers are feeling the need to fuel interest in this segment. To do this, they are launching projects that contain affordable homes at locations very near basic conveniences. Proximity to shops, schools and other essentials is a key positive factor for first time home buyers and developers are all set to capitalize on this preference.
66 Apartments Coming up Near NSW University
The Chelsea is already working on plans to build a 66 apartment hub at the site of the Kensington War memorial Club. The project envisions a range of apartments spread over three buildings here. The location is deemed ideal for first time buyers because of its proximity to the city. The fact that the airport is just minutes away from here and the University of NSW is highly accessible just makes this place even more suitable for buyers. Another critical factor that encourages first timers to buy in is the presence of excellent transportation facilities and this location also scores well in this respect.
Low Interest Rates will Support First Time Buyer Purchases
The low interest rate environment that is prevailing will help first time home buyers make their home acquisition without putting too much of a burden on their wallets. The developers are making sure that the apartments they are launching for this buyer segment are priced affordably so that first timers are not put off.
Homes for less than $650,000 are Most Popular
Among the most popular homes from the buyer’s perspective are those priced at less than $650,000. The main reason behind this is that the $15,000 first home grant can be availed by the buyers of these apartments and homes. Of course, if these affordably priced homes are also located in convenient places, the buyers are all too happy to sign on the dotted line immediately. In recent months, apartments in this price range located within 8 to 10 kilometers of the city are among the most popular options for first time home buyers. Developers who have done their market research are in the enviable position of having picked up on this trend.
There is no question that the presence of reliable infrastructure will continue to be a major point in favor of any apartment or home for first time buyers. This means that new homes near major business hubs like QLD or NSW will be coveted properties in the coming months.