Powered by MOMENTUM MEDIA
research
1 minute read

First timers told to buy now

First timers told to buy now

by webmaster | May 27, 2011 | 1 minute read

Aspiring property buyers hoping to crack the real estate market should act now, according to PRDnationwide.

by webmaster
May 27, 2011

“It’s an extremely good time to invest – I believe that house prices will be higher next year than this year so now is the opportunity,” PRDnationwide New Farm’s Adam Gray said.

According to Mr Gray, first home buyers that are not in a position to purchase right now should look to team up with a relative or friend.

“They can do this as tenants in common so they own a certain percentage of the property,” he said.

A studio apartment is also a good option for first timers, Mr Gray said.

Advertisement
Advertisement

“Although they are not very big, they could be a great stepping stone for an individual to get onto the property ladder.”

Jeremy Francis from PRDnationwide Inner North in Canberra said for many renters, saving for a deposit seems unreachable, and their spending habits are erratic.

“They should increase the amount they pay in rent to their agent or if they are living at home to their parents by as much as they can afford until it hurts,” he said.

“The agent or parent puts the extra away in a bank account – say an extra $200 per week – after two years they will have over $20,000 which is a big step in the right direction.”

First timers told to buy now
default
spi logo
share the article

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.