Don’t give up the dream

Herald Sun - Property - - NEWS - KAMAHL COGDON

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.

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