The simplest decisions of purchasing a home can often turn out to be the hardest. “Should I buy a house, should I buy a unit, should I buy a house” will run through your mind a thousand times before you realise one option is more appropriate than the other.
Whilst an inner city unit may be what investors or young professionals are searching for, families and owner-occupiers may be planning another kettle of fish. Today though, many Australian borrowers are harshly coming to terms with the fact that their ‘kettle of fish’ will stretch them to their limits and other options must be considered.
A combination of 12 year high interest rates, lack of residential supply and worsening affordability have now forced growing families into smaller dwellings and away from the areas they planned to live.
“It is a fact that generation wide, today’s would-be first home buyers feel priced out of the market for houses in well located areas. So obviously they’re exhibiting preference for apartments and especially those close to the city,” explains Michael McNamara, general manager, Australian Property Monitors.
To read the full article, check out the latest issue of Your Mortgage Magazine out on sale now.
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