It is said, that it's now harder than ever for a first home buyer to purchase a property in today's real estate market. In my opinion this is absolute garbage and far away from the truth as possible!
What it should say is that its becoming difficult for first home buyers to purchase a property, in the desired location they would like. Majority of first home buyers always like to purchase a property in the same and surrounding suburbs they were raised in as a child. With excessive capital growth over the years, the chance of this happening is becoming smaller and smaller by the day.
There are outstanding opportunities in new growth areas throughout the country that are affordable and provide outstanding bang for buck. In Melbourne a few suburbs inclusive of Wollert, Officer and Beveridge provide new communities that are growing forever exoanding. These growth suburbs are not to far from Melbourne CBD and in the future will provide some excellent capital growth.
What I am finding is that first home buyers might need to sit back, work on finances, and maybe factor in the harsh truth is that you will have to purchase where you can afford - not necessarily where you want to live. This isn't to that you will never be able to be in your choice of suburb, but whilst the market is still rising you want to ensure you get in now, enjoy some capital growth and open the corridor for you to get back into the place where you want to be in the future.
Another solution to this is simply to purchase where you can afford, and rent where you want to live! At least this way you have entered the market and hopefully enjoy capital growth whilst at the same time haven't put your lifestyle on hold! Either option has you entering the property market and purchasing now rather than wait. The more you think about it, the more it makes sense.