According to a recent CoreLogic report Sydney’s median house price reached $850,000 in April after posting 15.5% year on year growth and many property experts are predicting even further growth to come.
And so as Sydney closes in on a $1,000,000 median house price it’s not surprising at all that questions are constantly being asked about the issue of affordability.
While saving a 20% deposit for a home will mean you avoid mortgage insurance, many lenders will lend on as little as 5% deposit subject to the following criteria:
It’s the savings history that takes the longest to establish and causes the most anguish with would be first homebuyers, particularly with median house prices where they are today.
After all when you’re just starting out and in your early earning years saving $100,000 for a 20% deposit to buy even a $500,000 property can seem overwhelming and at times almost unachievable.
The issue of affordability resonated with me a few weeks back, when I was showing client’s who were downsizing their principal place of residence through a prospective property when their son stopped to ask me a question.
With his parents paying in excess of $1million to down size 35 kilometres from the Sydney CBD (yes that’s correct), he shook his head in despair and enquired ‘How does someone like me who has never bought a property have any hope of getting into the market?’
Well despite how daunting it might seem and how hot the Sydney property market is right now, there are some tried and true ways to fast track your path into home ownership.
Here are a handful of recognised ways that can allow would be first home buyers to gain access to their first home sooner.
For more information and insights on buying a property in Sydney as a first homeowner contact an Albion Avenue buyers agent today.
If you liked this article perhaps you might also like to learn how to avoid making mistakes as a first home buyer.
Shelley Horton is the founder of Sydney based exclusive buyers agency Albion Avenue. With a 20 year career honing her skills in every aspect of the property industry Shelley knows what makes a property worth buying and how to get the best deal.
The atmosphere created when a property is auctioned is often tense and exciting. The sense of urgency generated throughout the…
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