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If you have been trying to get a foot on the rungs of the property market, then you would have stumbled across some property prices that give you chest pains or nearly made you pass out. However, there is still hope for those entering the property market in terms of finding something that doesn’t feel like a wrecking ball sent to sweep your savings out of your bank account. Here are three ways to find an affordable property that will help you get into the property game.
Regional markets are heating up
Many Australians might have envisioned having their house set up in the capital cities, but the exorbitant prices are making some people reconsider. In the attempt to wanting to strike a balance between being closer to the capital city where most people work and finding affordable housing many have opted to move to regional areas on the outskirt of capital cities and there is a reason why.
Corelogic recently released data showing that most people are making their move to regional towns where the unemployment rate is 4% or lower, and the labour force is at least 10,000 people. It is in these regions where people are most likely to strike a balance in terms of finding an affordable property.
Stay in the know
The regional lifestyle may not be for everyone, and if the thought of renting first before buying in these areas has you shaking your head your next best bet is to keep your eyes on the market. If you are a native city person, believe it or not, there are other property markets either than the capital cities. Although these are experiencing a cooling down in sales, other places are heating up due to its affordability.
Researching in various property markets can give you an insight into which places you should invest in. The catch is to always look at the history of the area in terms of statistics to see where it is headed in order to avoid an ‘out of the pan into the fire’ scenario. However, not all of us are good at crunching real estate numbers neither do we have the time. This is where enlisting the help of a real estate agent to give you an in on the area you are possibly interested in. The plus side to this is that it will save you less of the footwork, but always do your own additional research on the side.
Consider diversifying your options
A house might have been the main thing on your mind but owning a home outright is something that very few Australians have come to realise. According to the Australian Bureau of Statistics, only 31% of Australians own their homes outright with no loans attached to them. 34% own their house with a mortgage to it, leaving the 31% of property being rented.
For first-time property buyers finding a home loan that you will be able to afford can be hard when matched against the high property prices. By comparing home loans, you will be able to find something that matches your budget, but before you even go home loan hunting you need to consider the if the property you want is really something that you can afford. You can either choose an apartment that you can rent out until you have managed to save enough to start investing in a home.
Consider it a dream deferred rather than a dream denied until you can find something that matches your budget and what you look for in a home.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
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