Sisters reassess their plans
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.”