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Opportunities remain for first-...

Opportunities remain for first-time buyers

There are still many opportunities for first-time buyers to step on to the property ladder, claims a key figure.

There are still many opportunities for first-time buyers to step on to the property ladder, claims a key figure.

Clive van Hore, general manager of home loans at the Commonwealth Bank, explained to Courier Mail people are not being priced out of the housing market but buyers may need to be creative to buy their first property.

In many cases, people are turning to their parents to offer support and act as a guarantor to secure a home. There has also been a rise in so-called 'rentvestors', where first-time buyers are purchasing rental homes and then using the income to rent or live elsewhere.

"There are signs in 2014 that first-home buyer activity is growing; there are still ways to buy a first property, you just have to think creatively," Mr van Horen said.

In 2012, RP Data showed 27.1 per cent of capital city house sales and 39.4 per cent of capital city sales were below the $400,000 mark.

Posted by Steve Douglas

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