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The Elusive DEPOSIT

The Elusive DEPOSIT: May 30, 2014

Young Australians who would dearly love to buy a house, are tiring of the battle to save for a house deposit. Who can blame them! A recent report found that first time buyers in 2012 were saving 24.3% of their income. That figure has dropped over the past two years to just 14.1% in March this year.

Let’s examine why their momentum to save, save, save has stalled. Firstly, the median value of Melbourne property has risen substantially. Buy a house in Melbourne today and you are contending with a median house price of $615,000.

Secondly, the employment climate is proving to be an unknown quantity with manufacturing in Victoria taking a dive, lots of jobs going offshore, and consumer sentiment spiralling downward.

Thirdly, unbridled competition from investors and obscenely wealthy foreigners with a yen for our real estate, make it an uphill challenge to get that foot in the proverbial door. In the face of these forces, no wonder our first time buyers are sinking into despondency and lowering the bar on the home buying front.

What are their choices:

  • renting,
  • living longer with their parents and as the report points out,
  • taking much longer to save for a deposit.

There is a way around this predicament. It’s called home co-ownership. With the help of a co-buying partner, saving for a deposit becomes an easier, more attainable proposition. Co-buying is one of the most underutilised home buying strategies in Australia. The UK has embraced the co-buying as a way of life and for many young people, it’s the ONLY way they have a realistic chance of getting into the market. Come on Australia, wake up and do something that is going to pay tremendous dividends for your future.

Find out how to co-buy and meet your co-buying buddy at www.homeaddressed.com.au 

If you are serious about buying now and investing in your future, then this is a site worth a serious look.

Register and take a positive, proactive step towards home ownership.

 

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