If I were to ever own a home, it would be through squatters’ rights or tricking The Block’s Scotty Cam into believing that I’m his long-lost child. But outside of those two options, I’m screwed, mate.
Sure, house prices are down, but interest rates are sky-high. Moreover, thanks to the cost of living crisis pumping up the price of milk, grain, and a lot of veggies, it’s more frustrating than ever trying to save for a house. Even if I had the cash for a place in my bank account, I would wait.
Moreover, I’m not alone in feeling this way. Money.com.au commissioned a survey that asked 1003 Aussies if they’d wait a few months before buying a home. Nearly half of its respondents, 43%, stated that they would wait because they reckon that house prices will fall even further.
But this isn’t the only action that some would take to score a cheaper home. This survey also outlined that 11% of its respondents would buy in a lower-priced area, while 9% would buy an older home that needs some reno.
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It’s worth noting that younger folks were more hungry to buy a home at a lower price point. In the 18-34 bracket, 86% of them would actively try to score a lower-priced property. In the 35-54 bracket, this number is 82%. Meanwhile, only 69% of over-55s would be proactive in trying to buy a cheaper house.
“The research findings confirm that, with more disposable income and savings, and potentially less debt, older Australians have greater purchasing power and may be less likely to make sacrifices than younger age groups when considering a property purchase,” explained Money.com.au spokesperson, Helen Baker.
“Overall, it is surprising that a significant proportion of Australians regard a continued slump in the market as the single factor to influence their purchase price, while only a small minority are willing purchase a smaller or older property, or buy in a less popular area,” stated Baker.
“There is a lot of uncertainty in the market, and there is a chance prices may not fall as much as expected. Ironically, if 43 percent of buyers try to time the market and enter the market all at once, prices will bounce back quickly.”
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