When the market remains beyond reach
It’s no secret the past couple of years have seen property prices rise beyond many people’s expectations.
And for those seeking to get into the market for the first time or purchase in an area where prices are rising rapidly, it might feel like you can’t catch a break.
Just as you save the deposit required to buy in the suburb you hope for, the market rises again, and the property purchasing goal posts once more shift beyond your grasp.
So what options do you have when a rising property market means purchasing remains just beyond reach?
Reconsider your non-negotiables
Sure, you might want a property with specific features and attributes, but which can you do without in order to actually purchase?
Perhaps it’s that second bathroom, offstreet parking, some of the mod-cons or that additional living area.
In a rising property market, it pays to reconsider your non-negotiables just to get a foot in the door.
And often you can forgo something now in the knowledge you can add things to your property in the future.
Seek out bridesmaid suburbs
While you might have your heart set on a specific suburb, sometimes those in the vicinity can offer a more affordable option.
Known as bridesmaid suburbs, these areas tend to boast similar attributes but may not have yet attained the high prices of their more popular neighbours.
If you’re struggling to get your foot in the door of your ideal suburb, these bridesmaid suburbs can potentially offer a great alternative.
Rentvesting
With the property market rising rapidly over recent years, we’ve been hearing more and more about the term rentvesting. So what exactly does that entail?
Rentvesting sees you purchase in an area you can afford, but rent in the region where you want to live.
Ultimately this can allow you to get a foot on the property ladder.
On one hand you can enjoy the rental income and capital gain of the property you own, and on the other, you can enjoy the amenity and convenience of renting in the region where you need or want to be.
Think laterally
Sometimes getting into the property market requires lateral thinking.
For example, could you purchase in a more affordable up-and-coming area elsewhere? You might live in this property and make improvements or perhaps rent it and enjoy the capital gain.
Then with any luck, the prices will increase, giving you additional funds to purchase in the area where you ultimately aim to be.
Additional income
Finally, if getting into the property market remains just slightly beyond your reach, is there any way to find the additional income required?
For some that might involve a side hustle or seeking a pay rise, or perhaps a family member could help get you across the line.
Sometimes, just a small amount can be enough to help get your foot in the door of a property market that shows no sign of going backwards any time soon.
How we can help
If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?
Or feel free to enter your address below to get your instant property estimate.
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
