Australia’s home affordability woes have impacted a whole generation of young Australians now facing the daunting challenge of breaking into the property market.
Clover Co-Founder Harry Chemay explains why ownership rates among young Australians, particularly those under the age of 35, have experienced a significant decline over the last four decades.
Continue reading “Australia’s housing affordability woes: Part 1”
So you’ve scrimped and saved, whipped your investment portfolio into shape and now you’ve finally saved up a decent-sized home deposit. That’s the hard bit done, right? Well, not exactly.
Don’t get us wrong, saving up a home deposit is no small feat – but when it comes to the process of buying your first home, it’s just the tip of the iceberg. Now it’s time to think about all the other things you should know when making your first property purchase.
We’ve asked Steve Jovcevski, property and home loan expert at comparison site mozo.com.au to share some of his top Dos and Don’ts when it comes to taking your first step on the property ladder.
Continue reading “Do’s and Don’ts of buying your first home”
Turn to any page of a newspaper real estate pullout and you’ll probably feel a hefty kick to the kidney. In case you haven’t noticed, Australian housing prices are high.
But what a lot of Australians don’t also realise is that right now in Australia, because of this insane seller’s market, renters are actually winners. Here are 10 reasons to feel better about renting in Australia.
Continue reading “10 reasons to feel better about renting in Australia”
Chances are you’ve probably joked about never being able to afford a house with your friends, but have you actually sat down to crunch the numbers? We have.
Continue reading “How long does it take to save for a house deposit in Australia?”
Remember when you could buy a three bedroom house with a rear garden within 20km of the CBD for less than $350,000? Yeah, neither do we.
According to CoreLogic’s latest property price data, the average Sydney house is now a whopping $1.08 million, with Melbourne not too far behind at $811,000, Canberra at $645,000 and Brisbane at $527,000.
Depending on the city in which you live, your income and saving capacity, it may take up to 10 years to save up for a deposit, especially if you want to avoid Lenders Mortgage Insurance by saving at least 20% of the total purchase price.
They say a journey of a thousand miles starts with a single step, so if your destination is property ownership, and ideally before your forties, read on.
Continue reading “Saving up for a house deposit? Here’s what you need to know.”