Apartment living is becoming more desirable as buyers make trade offs to get into the market.
More than half of wannabe Aussie first-home buyers hope to own a house in their desired location in the next five years, despite affordability constraints, new research shows.
The Great Southern Bank survey of 1500 people also revealed 71. 6 per cent of all respondents would consider buying an apartment or unit as an alternative form of housing.
But just 24 for each cent would be willing in order to move to a less desired suburb to buy their ideal home.
Great Southern Bank chief customer officer Megan Keleher said trade-offs such as buying an townhouse or moving location “slightly further afield” could help buyers break in.
She said first-timers could also consider the federal government’s Home Guarantee Scheme and Regional First Home Buyer Guarantee, under which those eligible can get into the market with as little as the 5 per cent deposit without having to pay lender’s mortgage insurance.
LongView head of advisory Warwick Brookes said there was upside in order to current conditions.
“We are now in a buyer’s market, which is great for people wanting to get their first property, ” he stated.
“However, waiting for the right place and not rushing your decision can make a big difference too. ”
Mr Brookes stated it was important to discuss options along with experts, which could include home loan specialists plus buyer’s advocates.
Laura and Callum Shackleton chose in order to move additional out of Melbourne to Sunbury on the city’s northern fringe to own their own preferred style of property.
“We knew we wouldn’t get the particular land or even living space we desired within inner-city Melbourne, without paying over and above what we could afford, ” Ms Shackleton said.
“After living with our parents while saving for a wedding, we understood we were
ready to personal our own place but didn’t want to compromise on space.
“While Sunbury wasn’t originally in our plans, we were more than willing to buy in the area to secure the type of housing all of us dreamt associated with. A lot of young people still want to buy houses, like the particular ones they grew up inside themselves. ”
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