We were recently interview by The Leader and questioned about our views on commercial real estate and first home ownership in Sydney.
In recent years Sydney property prices have sky rocketed. This has resulted in a lot of first home buyers unable to get into the market.
However, we stress that you shouldn’t give up on your dream of owning property. Below is a sample from the article.
It’s time to rethink the great Australian dream of property ownership, not give up on it, Cronulla-based real estate expert Phillip King said.
Fed-up with seeing a generation of young Australians locked out of joining the ranks of home owners, Mr King has used his own experience to write a book on how to get into the property market.
It it as simple as rethinking what property market you want to get into, he said.
And it does not require buying in another city or country town.
Instead, they should think about investing in commercial property rather than residential real estate.
“When I speak to people in their 20s about owning their home, I see the despair on their faces,” Mr King said.
“The deposit they require today is what an entire house cost when their parents were their age.
“In 1990 you needed four times the average salary to secure a two-bedroom unit in Sydney. Today the Millennials require 12 times the average salary to purchase that same unit. In one generation the dream of home ownership has been lost.
“With average prices in Sydney topping $1,100,000 and prices in Melbourne only slightly less, the situation is dire and not expected to change.”
Click through to read more from the Leader Article. Read More Here