Tough times are expected for Gen Y and young first homebuyers, warns an agent ranking and reviews platform called OpenAgent.
The survey of Australia’s top real estate agents revealed that six in 10 agents believe “the dream of owning your home is becoming less obtainable” in the country.
Three quarters also believe prices are set to hike in their local property markets this year.
The survey only found 4% of agents anticipate a decrease in property prices and merely 21% believe prices will remain steady.
Meanwhile, 40% of the surveyed agents believe that “foreign investment in Australian real estate will see average house values continue to rise”. More than a third also said these foreign buyers of Australian real estates are doing the country well.
Moreover, almost 50% said foreign buyers should be more heavily regulated.
Sixty-one per cent of agents added that large homes with four bedrooms or more are facing more demand, as well as those with outdoor spaces.
Collections: Mortgage News