Busting the Housing Unaffordability Myth
For many young first home owners, the Housing Unaffordability Myth says that they have no chance of buying any time soon – you just can’t afford it. But Focus Property Wealth know that for what it is – a myth.
Now is a fantastic time to enter the property market, with housing prices being more affordable than they have been in years. We suggest you:
- Look to cheaper suburbs further from city with modest/older house – for example a small 3x1, where you can carry out minor renovations &/or cosmetic improvements inside and out. The idea is to buy a property like this with view to selling after 2- 5 years and upgrading to 4x2 once ready.
- Look for shared equity programs - where the government contributes towards the purchase price and holds a portion of equity. After several years, the first home owners can then re-finance their property into 100% in their own name.