Residz Team 2 min read
Are you a first-home buyer feeling like you're caught in a never-ending race? With interest rates remaining high and property prices still on the rise, it's easy to feel overwhelmed. At $800,000, the median price of homes across Australia will still be increasing by $40,000 a year even at a 5% increase. That means the race is between your savings and those increases.
The Tortoise's Tale: Slow and Steady Wins the Race
While the dream of homeownership might seem distant, the key to success lies in a patient and strategic approach. By focusing on building a substantial deposit and minimizing expenses, you can steadily move towards your goal.
The Hare's Hustle: A Risky Gamble
While some may opt for a more aggressive approach, such as borrowing heavily or taking on risky investments, it's important to weigh the potential risks. A hasty decision could lead to financial strain and delay your homeownership journey.
The Current Market Landscape
The Australian property market is currently in a state of flux. While price growth has slowed, interest rates remain elevated. This means that even with a smaller deposit, monthly mortgage repayments could be higher than expected well into 2026. The light on the horizon thought is the recent increase in number of for sale listings which inevitably increases price competition between sellers.
The Road Ahead
While the future of the property market is uncertain, one thing is clear: patience and perseverance are key. By adopting a long-term perspective and making informed decisions, you can navigate the challenges and achieve your homeownership goals.
Remember, the journey to homeownership is a marathon, not a sprint.
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