Don’t get locked out of the market
Sydney’s apartment prices are soaring making it harder than ever before for first-time buyers to get into the market.
According to a report by Jennifer Duke from Domain, new data shows first-home buyers are struggling as the median price for a one-bedroom apartment in places like Sydney soared $200,000 in the last four years.
Entry-level homes are also becoming out of reach, given the new median of $630,000.
“[This price] isn’t really considered affordable for the first home buyer,” said Taj Singh, co-founder of lobby group First Home Buyers Australia.
People with an average salary will ideally need to save for four years just to cover the 20% deposit for a one-bedroom apartment. This is provided they can still save $540 a week – or a third of their pre-tax income. This is also provided, prices do not increase.
How can you get into the property market?
Getting help from the right property professionals is the starting point!
Meet your local real estate agent or buyers agent. These property experts have listings based on region and prices and can help you find the right property for your budget.
And you must be prepared financially. A financial planner, mortgage broker or even an accountant can help you dissect your financial capabilities and see which properties you can afford.
Ready to get into the market?
If you plan to rent, buy or sell, the support of good local property and real estate specialists can make all the difference.
Tradebusters Connect has a Top 3 Local Business Pick list of recommended property professionals in your local area. Why not contact one today!
Other Useful Links:
Accountants Chatswood & Upper North Shore
Mortgage Broker Lower North Shore & North Sydney
Mortgage Broker Northern Beaches
Financial Adviser Sutherland Shire
Real Estate Agents Hills District