, a free weekly newsletter giving expert tips on how to save, invest and make the most of your money, is sent every Sunday. You’re reading an excerpt −The “great” Australian dream of having your own property has always looked a certain way: big backyard, plenty of rooms, a couple of car spots and maybe a lemon tree. As dreams go, this all sounds pretty good to me, and you can see why the whole “quarter-acre block” concept was so popular.
Unfortunately, unlike the previous generations who could actually afford this dream, most first homebuyers these days would be hard-pressed to cough up a deposit for the averageThis means the dream has changed a little. Nowadays, it looks more like a respectable balcony, maybe two bedrooms, an underground car park and a spot for your succulents on the windowsill.
With a median price of $637,000 in capital cities – roughly half the cost of the average freestanding house – units can be snapped up with a reasonable deposit, often with a more central location than many suburban blocks. It’s something governments and city planners have noticed too, and there are major pushes in both Sydney and Melbourne to construct more apartments as a way to increase housing stock and keep a lid on soaring prices. As someone who lives in an apartment, I can’t vouch for them enough. There’s no way I’d otherwise be able to live within walking distance to a supermarket and a train station, and still be just five kilometres from the Melbourne CBD.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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Source: FinancialReview - 🏆 2. / 90 Read more »