{"id":31697,"date":"2021-04-13T10:02:16","date_gmt":"2021-04-12T22:02:16","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31697"},"modified":"2021-04-13T10:02:16","modified_gmt":"2021-04-12T22:02:16","slug":"the-second-best-option-for-first-home-buyers-in-a-hot-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-second-best-option-for-first-home-buyers-in-a-hot-market\/","title":{"rendered":"The second-best option for first-home buyers in a hot market"},"content":{"rendered":"

PHOTO: First-home owners Gemma Cardelli and Rob Vukovic spent about three months renovating. Photo: Peter Rae<\/strong><\/p>\n

First-home buyers are turning to dated properties in need of a renovation, as rapidly rising prices push them to compromise to get onto the property ladder.<\/p>\n

More than half of Australians buying their first home intend to renovate it within a year, a new survey shows, with one in five planning to renovate immediately after buying.<\/p>\n

A further 23 per cent would undertake a renovation within five years, according to a recent survey by comparison website Finder.<\/p>\n

Skyrocketing property prices have instilled a fear of missing out among first-home buyers, with many looking to make compromises to get into the market sooner rather than later, said\u00a0Sarah Megginson, Finder\u2019s senior home loans editor.<\/p>\n

\u201cIn a hot market, it\u2019s not always possible to buy your ideal home, let alone your dream home,\u201d she said. \u201cWhat some first-home buyers are finding is that their best chance to get on the property ladder is by purchasing a \u2018fixer-upper\u2019 in a suitable suburb.\u201d<\/p>\n

\"Couple
More than half of Australians buying their first home intend to renovate it within a year. Photo: iStock<\/strong><\/em><\/figcaption><\/figure>\n

City dwellers (82 per cent) were more likely to buy with plans to renovate than their regional peers\u00a0(75 per cent), while NSW first-home buyers (84 per cent) were more likely to renovate than their counterparts in Victoria (77 per cent) and Queensland (75 per cent). More than half of NSW first-home buyers intended to tackle a renovation with a year of purchasing.<\/p>\n

\u201cProperty prices are so much higher in NSW, so you have to be willing to negotiate and compromise a little bit more,\u201d Ms\u00a0Megginson said.<\/p>\n

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