Would you move interstate to buy your first home?
Many first home buyers contemplate moving at least a few suburbs away to find a home to live in, but would you move halfway across the country?
That’s apparently what many first home buyers are considering as property prices boom across many of the nation’s major cities.
According to data from Finder’s First Home Buyers Report 2021, about 20 percent of prospective first home buyers, or 2362 Australians a month, are considering purchasing a property in a different state to the one that they currently live in.
New South Wales first home buyers were the most open to buying interstate with 24 percent considering the move. This is perhaps unsurprising given it has some of the most expensive housing in the country, which may be driving buyers to find more affordable options elsewhere.
NSW buyers were found to most likely look to the ACT or Queensland for a home, while 28 percent of first home buyers were also looking to purchase in regional areas.
However, it’s not just NSW first home buyers willing to make an interstate move, with 19 percent of Queenslanders and 17 percent of Victorians also considering it. Both were most likely to move to ACT or NSW.
Moving interstate can be a great option for those looking for a lifestyle change or to live closer to jobs or family, and with interest rates so low at present, it’s understandable that a lot of first home buyers want to take the opportunity to jump on the property bandwagon in any way they can.
Tips for moving interstate
Research – Don’t rush into anything without first researching the area you plan to buy in and ensuring it’s going to be right for you and your family.
Visit if you can – Sometimes the idea of a place can seem better than it turns out to be in reality. If you are really serious about buying a property interstate and moving there then why not try renting there first to get a real feel for the area? Or, at the very least try to visit as often as you can before making a purchase.
Consider a buyer’s agent – Buying from a distance can be tricky, particularly in the current world of potential lockdowns and state border closures. To make life a little easier, consider using a buyer’s agent to help find your dream home for you.
Make yourself aware of different laws and tax rates – Buying laws and tax rates differ from state to state so make sure you know what to expect before making any offers. For example, most states have cooling-off periods of varying lengths, while WA and Tasmania don’t.
