'Discovered': The village that first home buyers love
FIRST home buyers are using the pandemic to find bargain properties according to a new report.
The ME Bank's latest Quarterly Property Sentiment Report, which was conducted for the June 2020 quarter, revealed 82 per cent of first home buyers agreed an economic downturn will be a good opportunity to buy a property.
The report also showed that country towns and rural life in general has grown more appealing - 60 per cent of first home buyers looked favourably upon rural areas as this option offered them the trifecta of saving money, avoiding the pandemic and improving their lifestyle.
And 51 per cent of first home buyers are planning to get onto the property ladder in the next 12 months.
ME general manager, Home Lending Andrew Bartolo said a rural move offered lots of benefits.
"A sea or tree change could make a lot of sense for first home buyers who are working remotely," he said.
"Best case scenario, they get a lifestyle boost, less virus risk and a cheaper deposit, all while keeping a well-paid city job."
Mr Bartolo said plenty of ME's recent first home buyers have purchased in regional NSW.
Kyogle Real Estate Agent Simon Tough said first home buyers are showing interest in the area, but warned anyone thinking of purchasing should move quickly.
With a median house price of $282,000, Mr Tough confirmed the town was "no longer under the radar".
"Kyogle's been discovered," Mr Tough said.
"Now's the time to move if you see a property which interests you."
He said first home buyers from the region as well as those from the Gold Coast and Brisbane were snapping up properties in the 2474 postcode.
"They are showing interest in properties ranging from vacant blocks on Kyogle Views Estate, so they can build, (to) established houses for those who want to move in and unpack.
"I recommend anyone looking to buy to get their paperwork and finances in order, check out an area online and then, only then, go shopping," he said.
"This way you can move quickly when you find your dream home and you won't miss out."