Many believe that interest rates and house prices have made buying a first home unachievable in most Australian cities – without help from the Bank of Mum and Dad at least. But if you know where to look and what to buy – and you’re prepared to compromise a little – it can be done.
A recent report by LJ Hooker identified Melton in Melbourne’s west as an affordable option for first home buyers, with a median house price of $478,500 and a median unit price of $374,750, as at May 2024.
For an option closer to the city the report suggests units and townhouses in Brunswick, just 5kms north of the Melbourne CBD, offer affordable buying for first home buyers at a median unit price of $555,000 to May 2024.
It’s important for first home buyers to get professional advice, to do their due diligence, and to think about compromising in order to get their foot in the door.
In a recent interview Wendy said, “it’s your starter house – you’re not going to live in it forever so get your foot in the door if you can.”
First home buyers often consider purchasing a unit or apartment, so Wendy suggests looking for older villa units rather than new multi-story apartment buildings which may have building defects such as flammable cladding or steep body corporate fees.
“A townhouse trumps an apartment every time. You’re buying a patch of land and you can make improvements to the property, such as putting solar panels on the roof or creating a beautiful courtyard entertaining space.”
If first home buyers are looking at greenfield areas, Wendy suggests getting house and land package contracts checked out by a legal professional. She also said that clauses can be added to house and land contracts to provide further protection for buyers.
But at the end of the day the most important thing for first home buyers is to buy within their budget and to buy well.
Chat to us about how a property advocate can help you sell or buy in the current market with confidence. Investment buyers can receive invaluable support and guidance through our Buyers Advocacy Service, and for landlords who are selling, our Vendor Advocacy Service helps vendors achieve outstanding results.
To book a free 20-minute consultation, simply click here and choose a time convenient to you.
By Wendy Chamberlain
Copyright 2024 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.