First homebuyers have been noticeably lagging behind despite high demand for property, wherein the current number of First homebuyers comprises just 12.5% of the property market. Housing affordability has been the factor in question, as property values have been increasing steadily. In Sydney alone, the median paid amount for auctions are at a staggering $900,000.
The First homebuyer dilemma is where to find an affordable property. This is a common misconception, as there are still states with enough First homebuyer activity. According to Australian Property Monitors (APM), Western Australia and South Australia have First homeowners comprising 20% and 15% of the property market respectively.
Professionals in the property market are calling on First homebuyers to take this piece of advice: consider pooling your finances to purchase property, or consult financial planners as they have first hand information when looking for property that matches your financial capacity.
Read more about this on the MyWealth News website.