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94 Percent of Income on Rent: Australian Youth Grappling With Affordability Crisis

94 Percent of Income on Rent: Australian Youth Grappling With Affordability Crisis
theepochtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theepochtimes.com Daily Mail and Mail on Sunday newspapers.

Australia , University-of-adelaide , South-australia , Melbourne , Victoria , Adelaide , Brisbane , Queensland , Perth , Western-australia , Sydney , New-south-wales

3 tips for first home buyers

With more first home buyers (FHBs) entering the property market, an expert buyer’s agent has handed down her top tips for anyone ready to jump on the property ladder.
According to the Real Estate Buyers Agents Association of Australia (REBAA), activity for first home buyers has increased by 13 per cent compared to one year ago.
In December 2023 alone, the Australian Bureau of Statistics recorded a 12.9 per cent rise (9491 new home loans) in new loan commitments (seasonally adjusted) for owner-occupier first home buyers. This compares to December 2022, where there were around a thousand fewer new home loans (8405 new home loans).
REBAA President Melinda Jennison said that the spike in first home buyer activity during December 2023 could be attributed to the peak of the interest rate cycle having passed.
“Many first-time buyers were waiting in the wings for a clearer interest rate picture to emerge, which was the case at the end of last year,” Ms Jennison said.
Noting that home ownership is “one of the most simple ways to secure your financial future”, Ms Jennison stressed that some of the government schemes (such as Help to Buyer and First Home Owner Grants) can look attractive, but buyers must ensure they are “thoroughly understood to ensure the properties for which these schemes apply align with longer-term goals.”
Being able to make the right decisions will reward the first-home buyer with a longstanding portfolio and presence in the property market.
Here are Ms Jennison’s three tips to guide you when buying your first home:
1. Have a strategy
Ms Jennison advises that the first property purchase should be well-thought out. It must be done right.
Consequently, she says that, “by purchasing strategically, first home buyers can fast-track their wealth-building journeys.”
It doesn’t matter if buyers choose to go through professionals or do extensive amounts of research and buy themselves, Ms Jennison stressed the end game is to seek out “the best dwelling you can afford to purchase with the most upside potential.”
This will enable you to upgrade sooner by being able to have capital gains or leverage from it to start your own property investment portfolio.
2. Be prepared to settle for what you can get
It is important to do what is necessary to buy, which Ms Jennison stressed includes being prepared to compromise on locations or dwelling sizes.
“Your first property is a stepping stone to our next one and probably won’t have all the bells and whistles that you currently desire.”
It’s about securing a “foothold in the market so that you can build equity and upgrade or renovate in the future,” she stated.
3. Seek out professionals early
The most successful first-time buyers are the ones who get organised early, Ms Jennison said.
She advised that the lack of experience and knowledge that is attached to buying a first-home can be counteracted by having a team of professionals behind it.
This means gathering any necessary professionals, such as lawyers for understanding a legal contract, as well as a conveyancer or solicitor to “guide you early on, as well as provide contract reviews, before submitting an offer is non-negotiable.”
In addition, mortgage brokers can also be helpful to ensure you are “only looking at properties within your price range” – rather than simply completing a borrowing power calculator online.
“First home buyers can sometimes feel a little at sea because of their inexperience, but they can even the score by having a team of professionals behind them,” Ms Jennison advised.

Australia , Australian , Melinda-jennison , Australian-bureau-of-statistics , Australian-bureau , First-home-owner-grant , Tips , Ome , Uyers , Latest , Australia-property-market-news-roundup ,

Adelaide's southern house values up amid tight market

Suburbs up to 40km south of Adelaide experienced "substantial" price rises in the past two years as buyers sought to invest or rent in an attractive lifestyle region, according to analysts reviewing the past year's real estate performance around the nation.

Sydney , New-south-wales , Australia , Adelaide , South-australia , Brisbane , Queensland , Mclaren-vale , Christies-beach , Perth , Western-australia , Melbourne

REBAA recounts the journey of the Australian property market in 2023

The year was marked with shifts and turns before ending with a new high

Perth , Western-australia , Australia , Adelaide , South-australia , Sydney , New-south-wales , Canberra , Australian-capital-territory , Melbourne , Victoria , Brisbane

The Block's stars Mitch and Mark slammed by real estate professionals for featuring 'compromised homes' on their new show Location, Location: 'Too pricey and unrealistic'

The Block's stars Mitch and Mark slammed by real estate professionals for featuring 'compromised homes' on their new show Location, Location: 'Too pricey and unrealistic'
dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.

Australia , Bulimba , Queensland , Melbourne , Victoria , Brisbane-river , Brisbane , Aussies , Mitch-edwards , Melinda-jennison , Mark-mckie , Real-estate-buyers-agents-association

Producers defend against claims of 'unreal' estate expectations

Producers defend against claims of 'unreal' estate expectations
tvtonight.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tvtonight.com.au Daily Mail and Mail on Sunday newspapers.

Melbourne , Victoria , Australia , Brisbane-river , Queensland , Sydney , New-south-wales , Mitch-mark , Herald-sun , Melinda-jennison , Frank-valentic , Real-estate-buyers-agents-association-of-australia

Will Brisbane lead the next house price boom?

Will Brisbane lead the next house price boom?
macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.

Sydney , New-south-wales , Australia , Brisbane , Queensland , China , Melbourne , Victoria , Australian , Melinda-jennison , Olympics , Corelogic

YIP Talk Podcast

YIP Talk Podcast
yourinvestmentpropertymag.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourinvestmentpropertymag.com.au Daily Mail and Mail on Sunday newspapers.

Australia , Brisbane , Queensland , Australian , Paul-wilson , Simon-buckingham , Michael-yardney , Scott-oneill , Calum-walters , Ed-chan , Michael-williams , Sarah-megginson

Property market update: Brisbane, August 2022

Both Brisbane’s house and unit sectors fell into negative territory in August, as the city’s market conditions continued to weaken. Is this the start of steep declines for the city’s dwelling values or will the Queensland capital manage to stage a rebound this spring selling season?

Australia , Nundah , New-south-wales , Jimboomba , Queensland , Strathpine , Moggill , Everton-park , Bald-hills , Victoria , Sunnybank , Brisbane

Property market update: Brisbane, July 2022

Brisbane may have outshone other markets throughout the tailend of 2021 and into the start of 2022, but the Queensland capital’s reign as capital growth king is now officially over as the city hit reverse on growth in July.

Australia , Jimboomba , Queensland , Strathpine , Sydney , New-south-wales , Ghana , Moggill , Caboolture , Perth , Western-australia , Melbourne