Melbourne’s house and apartment prices have transitioned from bottoming out, to now trending in the other direction. Since the late 2017 market peak, the property market has had a tough time, but prices are now rising again.
While homes are getting more expensive, the supply continues to dwindle. This is leaving home buyers understandably stressed out.
With the property market’s supply and demand challenging home buyers, we’ve come up with some tips to help you conquer these issues and find your dream home – just as we did back in 2017.
Don’t be afraid to look outside your dream suburbs
It can be really easy to focus on your dream suburb and nowhere else. Whether you have a fixation on moving to Hawthorn, or transitioning into the western suburbs with a Yarraville property, we all have our property blinkers on from time-to-time.
When these properties are too expensive, it’s worth widening your gaze to look at neighbouring suburbs. Though they may not have the name value you’re after, suburbs that are close to your first preference can still provide similar amenities, while being in close proximity to your dream suburb.
Go after a property that needs a bit of work
Buying a brand new property has its upsides, with a new kitchen, a fresh coat of paint and most important of all – less work for you. However, to combat the high demand and low supply of homes in 2019, you may want to look at properties that need renovations.
While you might be stressed about how much work needs to be completed on the property to bring it up to a more liveable standard, it can give you the opportunity to live in the suburb you’re after, and not break the bank.
This can also give you the chance to get a property up to its potential, both as a home for you and as an investment for the future.
Start with a smaller property, and invest in the future
For many, buying a home means having a space for your family to grow up in. However, going after a bigger home can sometimes limit our options in the property market, so it can be a good alternative to look at a smaller property.
If you have your heart set on moving into a particular suburb, going for a smaller property means that you can afford to get into your dream area, just without a big backyard.
This smaller property, particularly with apartments in gorgeous older buildings, can also increase in value more than new apartments will. This means you can move into the smaller apartment and then look to selling in the future in pursuit of a bigger home.
Buying a smaller home isn’t just for first home buyers, nor is it a step back. It allows you to work around the current lack of larger homes available and look towards making a move further down the track.
Seek help from a buyer’s advocate
Another key way to get on top of the supply and demand issues facing the property market in 2019 is to ask for help from a buyer’s advocate.
Buying a home in 2019 can be a daunting prospect, but our team at Industry Insider are here to help you make the process as easy as possible. If you need any assistance with buying, don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a Zoom call here