Looking to buy my first home
House prices have been rising faster than income, leaving first home buyers struggling to catch up.
“We’re both working professionals and our first child, Mason, was born this year. At the moment we’re renting a two bedroom flat, where we have lived for the last seven years, while doing our best to save a home deposit.
We have been watching property prices and auction results. Although we are earning decent incomes and are confident of our ability to get a loan, we are frightened by the enormous amount of money that we would need borrow to buy even a modest property that would meet our needs.
We’re not wedded to living in a particular suburb (or within a certain distance of the CBD), but we need to be close enough to work, so we don’t spend all our time travelling and can spend time together as a family.
With the enormous repayments that would be required on an adequate home loan, buying our first house often feels like an unrealistic dream.”
Alastair and Samantha, Glen Iris VIC
Did you know?
- In the last ten years house prices increased by 147 per cent, while incomes in comparison grew by 57 per cent
- The rate of home purchase among 25 to 44 year olds has declined 15 per cent in the last 20 years
- In 1991 the median house price was five times the average income, in 2011 it is seven times the average income
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