If you're thinking about making your first home purchase, then now may be a good time to act according to a new survey released by Registered Australian Mortgage Security (RAMS).
The RAMS First Home Buyers' Pulse Check Survey found that three in four first home buyers feel now is a good time to buy as it's a "buyer's market".
Almost a third (32 per cent) of respondents said that low interest rates strongly influenced their decision to look for their first property, considerably more than the 21 per cent from 2012.
RAMS Chief Executive Melos Sulicich said that when the Pulse Check Survey was first introduced in 2009, almost seven in 10 said they had been influenced to enter the market by recent interest rate cuts.
"First home buyer incentives also attracted new buyers into the market, which in turn helped keep the property market strong, despite the comparatively weak economy immediately following the GFC," Mr Sulicich said in a August 23 media release.
"Today's results show more than 75 per cent [of] respondents believe now is a great time to buy with the majority of respondents increasingly motivated to enter the property market to stop paying rent, take advantage of the current low fixed and variable interest rates."