According to figures released by St.George Bank, the number of first time home aspirants is on the rise, with three million first time buyers set to enter the Australian property market over the next five years
First home buying intentions are on the rise according to new figures released by St.George Bank, with three million first time buyers set to dive into the Australian property market in the next five years – a 34% increase on 2018 figures.
That’s according to the 2020 St.George Home Buying Survey which canvassed the opinions of nearly 1,500 Australians across the country between November and December 2019.
While the results showed a keen interest among many Australians to enter the housing market for the first time, the survey also revealed what many first time buyers perceive as a major challenge to buying a home.
And, it’s not just the cost of putting together a home loan deposit.
90% of first home buyers believe that the whole home buying process is antiquated and needs to ‘catch up’ to the digital age.
Meanwhile, a further 84% of first time buyers reported in the survey that the home loan application process was both time consuming and inconvenient.
That’s perhaps unsurprising given that St.George also reported that the process of finding the ‘right’ property and then applying for a home loan takes first home buyers the equivalent of a full working week (44 hours).
To help streamline the entire process for first time buyers from start to finish, St.George has come up with its very own digital solution though.
Available for download to both Apple and Android users, St.George Bank has launched its very own Property App.
The app not only allows users to search for properties in their desired location or suburb, it features what the bank has described as ‘Australian-first’ search technology which matches prospective buyers with homes based on their ‘lifestyle preferences’ and ‘points of interest’.
According to Ross Miller, General Manager for St.George Bank, the ‘game changing’ feature allows house hunters to search based on their ‘ideal wish list’ or ‘non negotiables’ instead of just by location, potentially opening up far more options and locations that buyers may not have initially considered.
For example if being beachside and close to schools is top of your list, searching by these functions may reveal a whole range of ideal properties in previously unconsidered locations and, within your price range, he said.
Users can prioritise commuting times, by what method of transport, proximity to bars and restaurants and even their parents’ house or schools. They can also set their search for what type of area they want to live in such as ‘beachy’, ‘leafy’ or city.”, he said.
Of course, buyers will still be able to search for properties via a suburb or postcode, as well as filter results based on features such as price range, property type (land, house, apartment) and property features (bedrooms, bathrooms, car spaces).
There’s also a financial component to the app.
St.George customers will be able to link their existing accounts with the app which can then provide insights such as how much they’ll need to borrow for a certain property and how much loan repayments will be.
