Struggling to get in to the Australian Property Market?
The draw to buy a home in Australia’s rapidly growing property market is strong for a number of individuals and families. Whether you are buying a property for the first time or transitioning into a different home in a different location, home buyers have the advantage of high quality inventory coupled with low mortgage interest rates to benefit them while searching for their new home. Unfortunately, not everyone may be able to easily access the properties they want in a short period of time, either due to high home prices or a low number of available homes in a specific location. If you’re having difficulty entering the Australian property market, it may be time to reconsider your list of must-haves.
Considerations to broaden your search for Australian Property Market
Location: When buying a property, location is typically high on the priority list. Being in close proximity to family or where you work is a top consideration for most, but it can also present a number of challenges. For instance, living within the limits of a large city may be challenging as home prices are much higher in these locations. If you are struggling to enter the Australian property market because of price, it may be worth expanding your location preferences. Finding a home outside city limits may prove to be much easier, and much more affordable.
Size: Another consideration when buying a property is the size of the home. If you are a first-time home buyer, or a growing family, acquiring a larger living space may be a top priority. However, it is important to remember that a larger home will generally mean a larger mortgage, which can be difficult for some. In order to take advantage of the low interest rate environment and quickly enter the Australian property market, reducing your requirements when it comes to square footage or number of bedrooms will make the process easier, and the price much more attractive.
Upgrades/Finishes: If you are unwilling to compromise on either location or living space, eliminating or reducing your requirements for move-in ready conditions may prove to be beneficial. Instead of focusing on the most up to date appliances, a newly remodelled kitchen or bathroom, or brand new hardwood floors, home buyers can increase their options for properties by considering homes without all the top of the range appliances.
If you are currently trying to enter the Australian property market but are having difficulties in finding a home in your price range that meets all of your requirements, it may be beneficial to shift your expectations a bit. Now is an excellent time for buying a property and a little compromise can help you make that dream a reality.