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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Market low means it’s time for first home buyers

By Cameron Micallef · October 10 2019

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Invest

Market low means it’s time for first home buyers

By Cameron Micallef
October 10 2019

Reading:

Market low means it’s time for first home buyers

By Cameron Micallef · October 10 2019

Reading:

First-time buyers looking to break into the property market might be able to do so sooner than they expect due to falling house prices and low interest rates, new analysis has said.

According to results released by comparison site Finder, an average property price fall of $152,000 between June 2017 and June 2019 has made it easier to save for a deposit.

For the average Sydney couple, this decline in value has shaved 21 months off the time needed to save a 20 per cent house deposit. This is assuming each individual earn $1,695 per week and puts 10 per cent of their weekly income towards a deposit.

Bessie Hassan, money expert at Finder, said the reduced property prices and low interest rates have combined to create the perfect storm for first-time home buyers.

“Aussies who have saved for years might be finding they’re able to afford a larger place, or put down a bigger deposit than expected because of the dip in the market,” Ms Hassan said.

Darwin took out second place behind Sydney, with property prices falling by $50,000 on average since 2017. This is shaving seven months off the time required for couples to save a deposit.

Melbourne, which did not experience as significant a drop in prices, has only seen four months off the deposit saving time, while Canberra, Greater Hobart and Adelaide are currently peaking, meaning zero change to the deposit saving time frame.

However, the research also found that units tell a different story, with price drops evident across almost every major capital city in Australia.

“Units are often the more affordable option, especially in larger cities. But with many abandoned building projects and delayed developments, even these prices may be artificially high in some places,” Ms Hassan concluded.

nestegg has previously reported why buying an apartment could be a 'horrible and high risk' investment.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.