Home affordability in Adelaide - First home buyers will be rewarded - by Julie Browne

 

If you’re holding down a job and paying rent, then now is the time to start planning to get your first home and reap the rewards of home ownership. 

 

Here’s why:

 

1) Housing affordability in Adelaide is steady; five years ago the median price was $329,000, and currently it's around $392,000; a rise of 2% per year

 

 

 2) In the same period incomes have grown 3.5% ( as per the Australian  Bureau of Statistics)

 

 3) The average loan size for first home buyers in hovering around $236,000 compared to $201,000 five years ago, yet rates have dropped by around 2-3%

 

 4) There are plenty of houses and units at the present time selling for between $250,000 and $299,000; in reality this is what you can afford, compared to what you might like.

 

Here’s what to do:  


1) Yes, you may have to pay rent, but other expenses you can cut back on. Eat at home instead of going out, take a packed lunch instead of buying something, don’t use the credit card, turn of the lights, shop sensibility

 

2) Open up an purpose savings account and squirrel away a set amount each week

 

3) Set your regular savings amount high and double it if there are two of you savings for a deposit. If you’re not a great saver arrange a direct debit into your purpose savings account

 

4) Ideally you will need around $22,000 deposit for an established property costing $275,000. But this can be reduced if you buy a newly constructed home

 

5) Check the Revenue SA website to ensure you are eligible for a first home buyer grant. Currently it’s $5,000 for an established home and $15,000 for a newly constructed home

 

6) Visit Julie Browne your local mortgage broker who is specialised in telling you how much deposit you need and how much your repayments will be

 

7) Julie Browne can show you the difference buying an established home verses a new home can make to the deposit you will need.

 

Keep remembering you are saving for something very special and it’s worth the effort; start doing something different now to make that change you are striving for.


Call Julie Browne on 0421 206 543 to get started            

Posted in: First home buyers

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