Median house prices have reached a record high for all capital cities, increasing to $681,640 for the month of October making houses out of reach for First Home buyers. In a recent study by PRDnationwide, the average First home buyer in Melbourne can only afford spending around $400,000, way below than the current house median price of $715,694. But is this really all there is to the story?
News of unaffordability have been widespread that First home buyers are losing hope and opted to rent. Looking at the situation closely reveals that the median price would mean that there are a lot of options that sell below that figure – and it’s just a matter of finding where. With the current market situation where investors dominate, First home buyers should look at the traditional approach, by finding a property in a location that has the potential to grow in value – and this is not too hard to find.
Read more about this on the Property Observer website.
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