But there’s no need to remain desperate and dateless forever with some singles charting alternative pathways to home ownership.
Just one market of the 345 suburbs in the Brisbane region has been dubbed affordable for a solo buyer, according to Compare the Market.
“The comparison service found a single buyer on an average income would need to spend about 24.7 per cent of their wage on repayments for a unit in Kooralbyn, which sits about 100km southwest of the Brisbane CBD,” reports realestate.com.au.
If a cheapie in Kooralbyn doesn’t set your heart a flutter, there are several pathways you could explore.
First of all, make sure you’re across any government support you may qualify for, including the Home Guarantee Scheme. Also watch out for news of the Help to Buy scheme which will aim to help lower income buyers once it commences.
Consider rentvesting if you can’t afford to buy where you want to live. Suncorp offers a neat summary of the pros and cons.
For those who are willing to navigate some potentially obvious risks, there are also some obvious upsides of buying property with a friend or family member. Realestate.com.au offers some tips to navigate this pathway:
- Buy with as few friends as possible
- Be choosy with your property partners
- Be upfront about your financial situation
- Buy and borrow sensibly
- Buy with your head, not with your heart.
Each pathway to home ownership is different and in a rising market it can be tough, but exploring all options means you don’t need to sit on the sidelines forever.
An important first step in any property journey is seeking advice from an independent financial advisor or mortgage broker.
Ready to find your property match? View our current listings for sale or check our listings for rent.
