First home buyer trends: Will 2021 be the renaissance of the suburbs?
Since the pandemic, developer sales trends have revealed that first home buyers are becoming increasingly focused on quality of life, rather than location.
Urban spoke with Cedar Woods COO Patrick Archer, who provided the following insights about what to expect in property this year.
“[First home buyers] are looking for quick access to green space and a real sense of community”, he said.
According to Archer, 2020 buyer trends that are likely to continue into the new year is the strong renaissance of the suburbs, with buyers taking a keen interest in developments designed around local amenity and wider community living.
This has been true for Cedar Woods’ masterplanned community developments, St.A and Lincoln, who have seen significant interest from first home buyers.
Over the financial year, first home buyers made up 64 per cent of purchases at the 250-dwelling St.A project in Melbourne’s north-western suburb of St Albans.
As first home buyers look at moving to the suburbs and tuning into this new way of life, Cedar Woods has put forward a range of apartments and townhomes so that buyers can choose what works for their lifestyle.
Is now the time to buy?
The current low interest rates and government incentives mean that, for many first home buyers, it is cheaper to own than to rent, and new developments are no exception.
“Right now, first home buyers should be looking to take advantage of all the government grants and concessions while they can. Targeting your search to new developments that meet the criteria of the incentives will mean you are getting a considerable saving.” Archer said.
Before the Federal HomeBuilder grant and other state Government schemes come to an end in March, now may be the best time to cash in on the competitive offers by many developers who are also offering additional incentives to buyers and investors.
However, Archer emphasises the importance of knowing your developer.
“Every first home buyer has different needs for their home but one thing they all want is to have complete trust in the developer”, he said.
His advice? Buy from a developer with a track record and long-term commitment to delivering quality projects.
Cedar Woods’ Lincoln Apartments at Williams Landing
According to Archer, Lincoln Apartments is designed around local amenity, community and open space, and offers many first home buyers the opportunity to access a range of government incentives.
Prioritising community living and access to green space, Lincoln Apartments brings both convenience and quality to residents.
Designed by DKO Architecture, the five-storey building features sculptural elements, a rooftop garden, residents’ gym and north-facing balconies.
Two-bedroom apartments in the complex start from $419,000.
