Several decades ago, first home buyers typically bought their first apartment or house that wasn't modern, renovated or particularly inspiring and in a less desirable area.
"Get your foot in the door" echoed in their heads, "and then you will be right.'"
The theory was that once you secure your first home, you could start paying off the mortgage and by the time you have paid most of it off, it is worth much more.
But today's first home buyers, typically the younger generation, is different.
They already have the latest technology, ranging from their smartphone and wide screen TV to their late model car.
They have managed to afford these things by either renting with others or staying at home longer with their parents.
"One of the biggest differences between first home buyers this decade and previous generations is that they are not necessarily looking to buy their 'forever home'," Jude Gregory said.
"They work full-time, may or may not be married and, if they cannot afford to buy where they want to live, will buy an investment property first. They might even choose to buy with friends or family."
Apartments are invariably less expensive to buy but lifestyle choices also play a role.
Much like their lifestyle and technology, they want quality and only the best will do. They are not willing to forgo their pleasures such as a daily coffee habit and 'avocado on toast'.
But they can achieve home ownership in other ways.
"Buying a house usually means looking in outer suburbia, which entails com-
muting and the likelihood of living away from friends and family," Jude said.
"These days, first home buyers have worked out how to live larger in small spaces. They generally have no need for a yard, pool and spa, though they do look for an area where they can entertain and perhaps work from home.
"Leisure amenities, technology and eco-friendly features are also important."
Young people are into their technology, often working from home so they can live far from their work and very few spend time nurturing a garden. Instead they will travel to parks and other facilities for their leisure activities. Even families will bundle their children into the car and drive to a play centre and outdoor park.
First home buyers will look at properties far from their work but near amenities and will be particular about how the home looks.
What first home buyers look for (besides price)
- Close to amenities
- Good aspect - north to rear
- Transport connectivity
- School zones
- Right area even if it needs renovating
- For apartments - a good build and small boutique block
Not popular but may be affordable
- Near busy road
- Battle-axe property
- Steep slope
- Near industrial area
- Poor condition