First home buyers looking to get their foot onto the property ladder should act now, according to PRDnationwide.
“It’s an extremely good time to invest – I believe that house prices will be higher next year than this year so now is the opportunity,” PRDnationwide New Farm’s Adam Gray said.
According to Mr Gray, first home buyers that are not in a position to purchase right now, should look to team up with a relative or friend.
“They can do this as tenants in common so they own a certain percentage of the property,” he said.
Mr Gray suggested first home buyers consider buying a studio apartment.
“Although they are not very big, they could be a great stepping stone for an individual to get onto the property ladder.”
Jeremy Francis from PRDnationwide Inner North in Canberra said for many renters – saving for a deposit seems unreachable – and their spending habits are erratic.
“They should increase the amount they pay in rent to their agent or if they are living at home to their parents by as much as they can afford until it hurts,” he said.
“The agent or parent puts the extra away in a bank account – say an extra $200 per week – after two years they will have over $20,000 which is a big step in the right direction.”