Sis­ters re­assess their plans

Herald Sun - Property - - NEWS -

FIERCE com­pe­ti­tion has cre­ated an af­ford­abil­ity hur­dle for sis­ters Molly Hyn­d­man and Amy Bach in dif­fer­ent seg­ments of Mel­bourne’s prop­erty mar­ket.

Ms Bach and hus­band Matt are in the mar­ket to buy a home in the inner east or inner south­east and Ms Hyn­d­man and her hus­band, Jamie, are look­ing to rent in a sim­i­lar area.

The Bachs sold their twobed­room Hawthorn apart­ment three weeks ago and hope to up­grade to a sin­gle-fronted ter­race house in Hawthorn, South Yarra, Kew or Rich­mond.

Ms Bach, 31, said they’d al­ready missed out at two hotly con­tested auctions and were re­con­sid­er­ing their goal.

“You have to be re­al­is­tic. We started out think­ing we’d get a fully ren­o­vated, three­bed­room house in a great sub­urb,” she said.

“Maybe we now have to look at some­thing that has the po­ten­tial to be what we’re look­ing for. Per­haps we have to com­pro­mise on the qual­ity of the prop­erty and look to up­grade it later, or maybe com­pro­mise on size as well.”

Ms Hyn­d­man, 28, said she’d been warned how com­pet­i­tive the rental mar­ket was but was still shocked by how dif­fi­cult it was to se­cure a two-bed­room town­house in Rich­mond, Hawthorn or South Yarra.

“I had heard from friends who had gone to open houses where there’d be 20 or 30 cou­ples all putting in ap­pli­ca­tions and try­ing to up each other on the rent,” she said.

“I re­ally have no idea what we can do to put our­selves in front,” Ms Hyn­d­man said. “We are hop­ing to spend about $500 a week but we’re think­ing we’ll have to go up a bit higher.”

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