Don’t give up the dream
DO you worry that your dream home will remain forever out of reach?
You are not alone. A new survey by the REA Group’s realestate.com.au website shows that 59 per cent of buyers fear they will never be able to land their ideal home.
And affordability is seen as one of the biggest obstacles.
“Australians are obsessed with property, and housing affordability is a hot topic right now,” REA Group chief economist Nerida Conisbee said. “As this research shows, almost three out of five Australians are worried they can’t afford the home they want.
“According to the OECD, Australia is one of the least affordable countries in the world. When comparing price to income, Australia ranks fourth behind Belgium, New Zealand and Canada.
“The good news for buyers is that about twothirds of residential property listings on realestate.com.au are priced at $500,000 or below.
“There are a lot of affordable housing options available if you know where to look.”
In Victoria, 70 per cent of homes listed on realestate.com.au are advertised at or below $500,000.
In Melbourne, the best places to look are generally on the fringes, with the realestate.com.au data showing that Tarneit in the outer west has the most homes advertised for sale at or below $500,000.
It is followed by Clyde North in the outer southeast, Sunbury in the outer northwest and Melton South and Bacchus Marsh in the outer west. Barry Plant, Tarneit, director Rick O’Halloran said his patch was popular with buyers looking for a home that was less than 10 years old, including firsthome buyers, upgraders and investors.
He said the suburb had more than 12 new housing estates, offering homes from as little as $340,000 in the most affordable developments to $700,000 for entry level homes in the best developments.
It’s location was another plus for buyers.
“Tarneit is on the north-side fringe of the City of Wyndham and a lot of people are coming to the area thinking the closer they get to Melbourne the better,” he said. “Because the City of Wyndham is about 15 or 16km long, it can be about 30 minutes’ drive from the north end to the south end which means you can be about 30 minutes closer to Melbourne when you live in Tarneit.”
The realestate.com.au survey polled 1045 adults this month about how confident they were of achieving their real estate dreams.
While results for sellers and renters were pretty evenly balanced, buyers on the other hand were far from upbeat about their chances of getting their dream home.
Ms Conisbee said buyers whose budgets did not stretch to their favourite suburbs could use realestate.com.au’s Discover tool that suggested more affordable alternatives.
She also urged buyers to know what their ideal home was really worth and to research how much they could afford to pay, including by using a finance calculator.