First-Home Buyers Struggle To Crack Improving Melbourne Property Market

Melissa Heagney & Elizabeth Redman reported in the Domain on July 27th, 2019 that "First-home hopeful Erin King was outbid at auction for an Essendon unit by just $500." ... "With Melbourne house and apartment prices bottoming out and already starting to rise again, home ownership looks distant for some."

"Ms King, who has a deposit saved and pre-approval on a mortgage, faces tough competition in the improving Melbourne market and often sees at least 30 others at open for inspections."

"Buyers’ agent Julie DeBondt-Barker said many first-home buyers were looking for two-bedroom units near the city in suburbs like Essendon, St Kilda, Collingwood or Richmond.

“They’re all looking for the same thing,” the director of Buyers Home Base said. “They’re turning up to inspections with 40 other people. When it goes to auction that’s driving prices up.”

Some are compromising and choosing a one-bedroom instead, which she advises against because capital growth prospects are weaker than in a larger unit."

You can read the full article here ... https://www.domain.com.au/news/im-over-it-first-home-buyers-struggle-to-crack-improving-melbourne-property-market-863236/