Latest news with #firsthomebuyers
News.com.au
2 days ago
- Business
- News.com.au
'Depressing': Inside couple's two-year fight to buy an affordable home
Brie Eyre and John Rowe worked two full-time jobs, saved for years and lived with their family to afford their first house – and they still couldn't find a place after two years of searching. 'We went to a lot of suburbs that, at the end of the year, we were completely priced out of,' Ms Eyre said. 'It was so disheartening.' The pair began their journey looking for homes on the south side of Brisbane, under their budget of around $700,000. But with Queensland's median house price rising dramatically over the last few years, the pair found their options increasingly limited the longer they searched. 'We always think back to some of the first houses that we looked at in Corina and Carindale: great little houses that would have been perfect,' Ms Eyre said. 'We thought we could do better, and now we look back on it and think we could have saved so much time and money by purchasing there. But we didn't know how crazy the market would become.' Seeking a single-floor home for themselves and their dog, the two would spend almost every weekend at open homes and auctions, consistently outbid by others – sometimes with as small a margin as $1000. 'In the last six months or so, we put in quite a few offers,' Ms Eyre said. 'We actually got to a contract [in Forest Lake] … but someone put in an offer at the last second and beat us.' This turned out to be a blessing in disguise, when the pair finally found a well-sized home in Acacia Ridge. The area sports a median house price of $802,000, which it shares with its neighbouring suburb of Rocklea. This makes it one of the most affordable areas for houses within 10km from the CBD, with nearby suburbs such as Sherwood selling homes for $1.7 million. 'To get this property, in the last 6 months we had to ask our family for some loans to increase our borrowing capacity,' Ms Eyre said. 'We kept getting priced out. We were saving so much, but the market kept rising faster than we could have saved.' Ray White Annerley agent Bevin Powell has worked in Acacia Ridge for 15 years, and said he had begun to see 'a sudden shift' in the suburb's buyer demographic. 'Traditionally, it's been a low socio-economic area, with a lot of industrial bits and pieces surrounding it,' he said. 'It's still affordable at the moment, but I don't think for much longer: mainly due to investors coming in and seeing quite good value.' Mr Powell said while owner-occupiers were still buying in Acacia Ridge, investors were flocking to the market to buy sub-$1m blocks of land near the city while they still could. 'I think the days of it being one of the last affordable suburbs are coming to an end,' he said. Ms Eyre and Mr Rowe were overjoyed to finally get their first home, but said the journey was a total nightmare. 'It was so upsetting,' Ms Eyre said. 'It got so exhausting that we had to have time off [auctions] … it was getting depressing.' '[Now], I can't wait to have friends and family over in the backyard. We've never been able to have a property where we can host family events, so hopefully we can host Christmas this year.'
News.com.au
12-07-2025
- Business
- News.com.au
The ‘new normal' leaving Aussie first homebuyers behind
In a modest suburb an hour southeast of Western Australia's capital city, Perth, a tiny three-bedroom home on a 187 square metre block is expected to sell for nearly $700,000. Just three years ago, the home in Piara Waters would have sold for around $450,000. This equal parts dramatic and depressing increase exemplifies what real estate agent Aman Singh describes as the 'new normal' in Perth's housing market. 'You have seen the demand. This property is the only one available within this price range. So people are jumping on it,' Mr Singh told Brooko Moves. 'What's applying in Piara Waters at the moment is demand and supply.' It's a staggering statement when you consider the national average block size for a three-bedroom, two-bathroom home is more than double at 450 square metres. Mr Singh's stark advice is further proof of a market that isn't just out of control, but out of reach for most first homebuyers. 'Put your best offer forward, there may not be a second opportunity,' he insisted. He added that many properties were receiving multiple offers and often exceeded the asking price by $30,000 to $40,000. Of course this surge in property prices is not isolated to Piara Waters, a fairly new concrete city estate development where houses are mere centimetres apart and green spaces are scant. Across Perth, the median house price rose to $855,395 as of June 2025, which was a 7.8 per cent increase from June 2024. Even more terrifyingly, analysts predicted growth of up to 10 per cent more by the end of the year. It's a challenging time to be a first homebuyer, to say the least. Mr Singh said about 70 to 75 per cent of interested buyers were first-timers, and many were beginning to display their frustration. 'First homebuyers are more emotional buyers and quite often disgruntled, missing out on properties one after another,' he said. 'By the time they reach the sixth property and make an offer, they expect it to be accepted.' Still, Mr Singh urged first homebuyers to get into the market ASAP. 'That's the only way to get out of the rent trap because you are ultimately paying for somebody else's mortgage.' He remained insistent that right now was the best time to buy, encouraging buyers to ignore the possibility of a slump in about two years. 'For everyone, especially first-time buyers, get into the market as soon as you can,' he said. 'I don't believe the market's going to come down anytime soon, at least not for the next two years.' The situation in Perth reflects a broader national trend. In the March quarter of 2025, the average price of a residential dwelling in Australia surpassed $1 million for the first time in another punch to the gut for first homebuyers across the country. Prospective buyers have no choice but to attempt to craftily navigate a property landscape marked by rapid price increases, intense competition and limited opportunities. The Great Australian Dream for a growing number of young Aussies is starting to look more like a very expensive joke.
Daily Telegraph
12-07-2025
- Business
- Daily Telegraph
What $786k bought in Windsor apartment auction
A rare, house-sized apartment in Windsor has sold for $786,000, smashing reserve after three first-home buyers battled it out in a high-energy auction. The two-bedroom unit at 19/40-50 High St had $740,000+ price hopes, and hit the market at $750,000, before climbing to its final sale price under the hammer. The auction, led by The Agency's new Victorian general manager of sales Michael Wood, drew a crowd of 30 to 40 people and kicked off with a $700,000 phone bid from an interstate buyer in Sydney. RELATED: Warning for Vic homebuyers after dud rate call Melb property market tipped to hit new record Melb's biggest eyesore seeking $60m+ But it was a local young professional who ultimately secured the keys, after bidding against two other first-home buyers who had zeroed in on the apartment's size, location and long-term value. 'This wasn't your average two-bedder,' Mr Wood said. 'You had two car spaces, a separate storage room, a proper balcony, house-like proportions and a study nook, all on the top floor of a boutique block just 500m from Chapel St.' Mr Wood said buyers were clearly moving away from newer 'cookie-cutter' apartments in favour of older, well-built homes with more space and lower owners corp fees. 'Shoeboxes are out. People are prioritising build quality and future capital growth over shiny finishes,' he said. 'This apartment had been freshly painted and carpeted, it was ready to move in, but it also gave buyers a chance to add value over time.' The building, completed in the early 2000s, had attracted strong attention from professionals in their 20s and 30s, many of whom were frustrated by the lack of well-sized listings under $800,000. Mr Wood said the mix of space, liveability and location made the property one of the most compelling value propositions on the market. 'There's a perception that you have to spend upwards of $850,000 to get something this size in Windsor,' he said. 'This home proved that's not the case, and the buyers were pleasantly surprised.' The campaign attracted 33 enquiries and 22 inspection groups, with 11 contracts requested and three active bidders on auction day. Despite no rate cut from the Reserve Bank this week, Mr Wood said the market was showing strong buyer confidence. 'There's real urgency from serious buyers,' he said. 'They know if they wait for rates to drop, they'll face even more competition, and probably miss out.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: La Fervance luxe skincare duo list Elwood home Retro Melb charmer turning buyers' heads 'Wild': Worst month to buy in Melbourne revealed
News.com.au
12-07-2025
- Business
- News.com.au
What $786k bought in Windsor apartment auction
A rare, house-sized apartment in Windsor has sold for $786,000, smashing reserve after three first-home buyers battled it out in a high-energy auction. The two-bedroom unit at 19/40-50 High St had $740,000+ price hopes, and hit the market at $750,000, before climbing to its final sale price under the hammer. The auction, led by The Agency's new Victorian general manager of sales Michael Wood, drew a crowd of 30 to 40 people and kicked off with a $700,000 phone bid from an interstate buyer in Sydney. Warning for Vic homebuyers after dud rate call Melb's biggest eyesore seeking $60m+ But it was a local young professional who ultimately secured the keys, after bidding against two other first-home buyers who had zeroed in on the apartment's size, location and long-term value. 'This wasn't your average two-bedder,' Mr Wood said. 'You had two car spaces, a separate storage room, a proper balcony, house-like proportions and a study nook, all on the top floor of a boutique block just 500m from Chapel St.' Mr Wood said buyers were clearly moving away from newer 'cookie-cutter' apartments in favour of older, well-built homes with more space and lower owners corp fees. 'Shoeboxes are out. People are prioritising build quality and future capital growth over shiny finishes,' he said. 'This apartment had been freshly painted and carpeted, it was ready to move in, but it also gave buyers a chance to add value over time.' The building, completed in the early 2000s, had attracted strong attention from professionals in their 20s and 30s, many of whom were frustrated by the lack of well-sized listings under $800,000. Mr Wood said the mix of space, liveability and location made the property one of the most compelling value propositions on the market. 'There's a perception that you have to spend upwards of $850,000 to get something this size in Windsor,' he said. 'This home proved that's not the case, and the buyers were pleasantly surprised.' The campaign attracted 33 enquiries and 22 inspection groups, with 11 contracts requested and three active bidders on auction day. Despite no rate cut from the Reserve Bank this week, Mr Wood said the market was showing strong buyer confidence. 'There's real urgency from serious buyers,' he said. 'They know if they wait for rates to drop, they'll face even more competition, and probably miss out.'
Daily Mail
09-07-2025
- Business
- Daily Mail
We're in the market to buy a house, but there's one huge disadvantage that is making it almost impossible
A frustrated Millennial couple looking to find their forever home say they are being consistently outbid by older, cashed-up Australians at auction. Ashleigh Pullin, 28, and her partner James Mashiter, 37, have put in four offers for homes in Melbourne since April. The couple were pre-approved for a $760,000 home loan with a five per cent deposit under the federal government's First Home Guarantee Scheme after years of saving. The First Home Guarantee Scheme allows eligible Australians to use just a five per cent deposit and avoid paying lenders' mortgage insurance. Under the scheme, they are subject to an $800,000 property price cap, which the couple say is making it difficult for them to compete with older buyers. 'We've put in four offers in total since that time and all of them have been unsuccessful,' Ms Pullin told Yahoo News. 'You get very disappointed because you see the house you put an offer in then goes for another $30,000, $40,000 over, and you're not even competitive.' The couple revealed they, and many other Millennial buyers, are feeling the pressure to enter the market, anticipating further interest rate cuts. The Reserve Bank of Australia (RBA) on Tuesday voted to keep interest rates steady at 3.85 per cent, after a series of rate cuts renewed interest in the property market. Mr Mashiter said the market was reacting quickly. 'We were looking at places that were four-bedroom, two-bathroom and two garages and that was comfortable within what we could afford, it was going for $760,000 to $790,000,' he said. Now, the couple are struggling to find a home with three bedrooms and two bathrooms inviting offers under $800,000. They have been forced to pivot away from their dream area and are now searching for homes toward Yarra and Dandenong, further away from the city. PropTrack's latest Home Price Index said the values of homes had climbed by 0.3 per cent over June. It took Melbourne's annual property growth to one per cent. The median home value is now $10,600 more than it was last year, at $818,000.
