Within two weeks of the implementation of Level 4 lockdown in Melbourne , first-time homebuyers suspended their home buying activities. The latest data shows that even though many people continue to work and buy houses during the previous lockdown , they have postponed their plans to buy houses starting this month.
According to realestate.com.au, data from real estate consulting firm Oliver Hume shows that first-time home buyers have surged for three consecutive months, from about half of the housing market in the first four months of 2020 to May, June and July. About 60%. However, preliminary data in the first two weeks of August showed that they have fallen back to half of the market again.
Oliver Hume Australia Research Director George Bougias said that although the $25,000 HomeBuilder grant spurred a lot of home purchases in June and July, young home buyers now seem to be even less Willing to buy a house .
Borgias said: “Many people still had jobs during the epidemic, and first-time home buyers rebounded strongly in June and July.” “But the level 4 lockdown put everything on hold. In the first few weeks of August, first home buyers People began to suspend buying houses.”
Borgias said that despite the subsequent reduction in buying activity, the initial 10% increase is still very important.
He said: “This is a big rebound. Obviously it has an impact, and such changes are rarely seen.”
Blueways Group real estate development director Andrew Wyatt said that after the start of HomeBuilder, clients ’ enquiries about their company’s Melbourne real estate were four times as much as before. Although the number of consultations has remained at twice the normal level, the number of people who actually buy has decreased.
Wyatt said that since the Level 4 lockdown, developers have begun to more actively search for potential buyers, including recontacting those who wanted to buy a house last year but failed to buy it, hoping that more federal subsidies can bring them back to the market.
TJ White Financial Services Lending Manager Matthew White said that if the income of first-time home buyers is not affected, they are happy to participate. Despite this, 90% of the customers currently in contact with his company are Refinance, and only those who are already in the process of buying a house are still seeking new mortgages .
At the same time, the bank’s mortgage review is also more stringent to confirm that potential borrowers are still doing the same work as before the lockdown, rather than just relying on job keepers to maintain a standby state.
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