With the massive financial commitment required, it is no surprise that millennials are putting off buying their first homes. In a report prepared for the House of Representatives Standing Committee on Economics, professor Judith Yates noted that the home ownership rate for Australians aged 25 to 34 dropped 13 points over the 13-year period from 1976 to 2011.
While young prospective buyers may think finding affordable housing is an insurmountable obstacle, they may be surprised what they find when looking at buying property in St. George.
Getting a leg up on the location game
Choosing where to buy a first home is a balancing act between a desirable location and affordability. In the St. George suburbs, prospective home buyers will find both.
Located partly in Hurstville, Kogarah and Rockdale City Councils, the St. George subways are ideal for buyers looking for access to central locations without paying an arm and a leg thanks to their locations close to the Eastern Suburbs and Illawarra train line.
Housing prices by the numbers
Home prices in the first quartile for the council areas represented in St. George are among some of the more affordable ones in Sydney's middle ring, and far more affordable than homes in the inner ring.
The affordability of these suburbs can be seen in the NSW government's most recent Rent and Sales Report, which covers sale prices as of June 2015. The mean first quartile price of homes in Sydney's middle ring is $650,000, compared to the inner ring's price of $730,000. Homes in Hurstville and Rockdale City council areas are even more affordable, with mean first quartile prices at $614,000 and $600,000 respectively. Kogarah area homes rise slightly above the mean price at $678,000.
While home ownership may seem like an unattainable pipe dream, financial planning and the right location can make the goal of a first house much more reachable. To begin the search for your first home in St. George, contact an agent at Ray White Carlton today!