Now is a great time to make your first property purchase – just ask PRDnationwide.
Property prices are at their lowest for several years now, and are expected to start increasing some time into next year.
According to Mr Gray, from PRDnationwide, first home buyers that do not quite have sufficient deposit or income to make a purchase now, may do well out of teaming up with a family member or a friend.
It is possible to make a purchase of your first home or investment with another party in either equal or unequal shares.
Mr Gray suggested first home buyers consider buying a studio apartment.
“Although they are not very big, they could be a great stepping stone for an individual to get onto the property ladder.”
Jeremy Francis from PRDnationwide Inner North in Canberra said for many renters – saving for a deposit seems unreachable – and their spending habits are erratic. This is also a problem across many other capital cities. Most home loan providers are looking for deposits between 5-10%.