Is the great Australian dream of property ownership changing?

The great Australian dream has long been to save up and buy a big home on a big block with a white picket fence out front – but is that still what people want?

Some people might think otherwise, particularly as there are property articles reporting that 2017 is going to be the “year of the renter” and housing affordability is still a major issue in many capital cities. But despite the issues facing the property market, there’s no denying that property is still as popular as ever and maybe even more so now than it’s ever been.

The reason that property values are growing around the country is because of strong demand to get into the market and while some people might delay buying, or aim to buy less traditional types of properties, the dream of home ownership is still very much alive and well.

The dream has likely evolved somewhat though. People’s first home now is likely to be very different from what it was for the Baby Boomer generation. While a nice house on a big block is still a popular choice, many homebuyers are also happy with living in apartments or townhouses, or are buying further away from cities and travelling longer to get to work each day.

Don’t give up on the Australian property dream

Those who think that the great Australian property dream is too far out of reach should think again. It’s true that property values are going up, but there are still a lot of options for those on smaller budgets.

For a lot of people, inner city areas are no longer viable property options but there are a variety of other ways to get into the property market that can put you on the track for a bigger and better home later on.

They include:

  • Investing before buying: If you can’t afford where you want to live then investing while renting is one option worth looking at. This allows you to get your foot in the property door and start building equity without uprooting your lifestyle.
  • Buying apartments instead of houses: Apartment living is becoming increasingly popular in Australia and many apartments offer a lot of lifestyle amenities and conveniences that are hard to find with a house. Those still hoping to buy a house one day shouldn’t dismiss apartments, as they can be a stepping stone to a bigger property down the track.
  • Buying in outer suburbs: More and more homebuyers are escaping inner-city areas for the space and affordability offered in outer suburbs. Properties in outer suburbs also make great investments due to the fast past at which these areas are growing.
  • Buying a renovator’s delight: You can save a significant amount of money if you can see the potential in a property that others can’t. If you can’t afford renovations right away then ensure you find a property that is liveable as is and save up and do the renovations over time.

If you’re looking to find your piece of Australia, feel free to browse our properties for sale at professionalsfairfield.com.au.

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