‘There are creative ideas’: Real estate expert’s top tips for first-time buyers By Michael Patrick
With the real estate market rocketing upwards at a rate not seen since the 1980s, many Australians may wonder if they’ll ever have the chance to own their own home - but the rental market is also becoming much tougher.
Buyers agent and host of the Buy Your Side podcast, Michelle May joined The Morning Show and discussed how renters have also been affected by the recent sharp rise in prices, and offer some suggestions for first home buyers.
Watch the video player above discussing the rise in Australian rent and real estate prices
May revealed which cities are now the most expensive to find a rental property in the country.
“We’re seeing a real issue in Sydney, Canberra, and Darwin in particular. What we’re seeing is the rental market is following the sales market, so houses have gone through the roof.
“They’ve gone up more than 20 per cent in the last year alone, the same is happening for house rentals. People since COVID have started to redesign their lives. They want that study, that space to get away from the kids perhaps, or that bit of grass.
“And because house rentals are always in demand because there’s less of them, investors tend to go for units more than houses when they’re buying an investment, those are in really short supply,“ she explained.
When asked about the continuing rise of Australia’s real estate market, May believes the price bubble won’t burst any time soon.
“I wish I was the good news fairy, but unfortunately I don’t think it’s going to burst, it may plateau somewhat.
“The problem is we are going to get the borders opened up again, which means natural immigration, international students returning to the big cities.
“But also those first home buyers who are currently renting and thinking they’re going to get that first step on the property ladder, they’re going to have to rent longer because they can’t afford it any longer,” May predicted.
For those young Australians struggling to save for a deposit to enter a market substantially more expensive than that their parents bought into, May had some suggestions.
“I can’t sugar-coat it, its extremely hard, but there are creative ideas to try and get on the property market.
“There are different companies out there that will help you buy a share in a house, that will meet you up, it’s like a Bumble (dating network) of real estate where they meet you up with a potential other mortgage person and you buy a property together.
“I would certainly be hitting up the bank of mum and dad as well, you know, because they seem to have the biggest cash reserves,” May said.
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