Several first-time home buyers in Sydney are reportedly considering leaving the harbour city as rates have become unaffordable. The latest real estate report from the Domain Group suggests that finding an entry-level house priced under $400,000 in Sydney is virtually impossible.
First Home Buyers Australia co-founder Taj Singh says $400,000 was the average amount first home buyers end up spending.
First-time buyers say they are waiting to see how the election goes before they decide on moving out. “If the government looks to support more affordable housing, I might be able to stay. Otherwise it is disappointing,” says a resident, adding that the situation seems a little better in Melbourne, with 30 per cent of the homes are available under $400,000 – down from 40.8 per cent in 2015. There are a slew of homes available in this price range in the fringe suburbs in the north and west, such as Melton, Wyndham and Whittlesea, say real estate experts.
In the harbour city, less than 4 per cent of houses in April were advertised under $400,000, compared with 8.6 per cent of homes in 2015. In 2012, 21.3 per cent of houses were priced under $400,000.
Potential buyers looking interstate and beyond their comfort range of travel include nurses, teachers and single people.