{"id":33575,"date":"2021-07-23T11:32:13","date_gmt":"2021-07-22T23:32:13","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=33575"},"modified":"2021-07-23T11:32:13","modified_gmt":"2021-07-22T23:32:13","slug":"the-unexpected-group-of-buyers-driving-up-house-prices","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-unexpected-group-of-buyers-driving-up-house-prices\/","title":{"rendered":"The unexpected group of buyers driving up house prices"},"content":{"rendered":"<p><strong>PHOTO: \u201cAs soon as I walked in, I knew this apartment was what I needed,\u201d says upgrader Lorri Hill.\u00a0<span class=\"photographer\">Photo:\u00a0Derek Swalwell<\/span><\/strong><\/p>\n<p class=\"DMAGDropCap3line\">At a time when demand for homes is so high, and supply so low, it can be a battle to upgrade to a bigger, better property.<\/p>\n<p class=\"DMAGBodyCopy_Serif\">However, especially with COVID-19 forcing us to spend more time indoors, there are more prospective buyers than ever dreaming of the respite of a lovely backyard, more space at home to give us a break from our nearest and dearest, and extra room for a study area to allow us to work comfortably.<\/p>\n<p class=\"DMAGBodyCopy_Serif\">\u201cIt\u2019s the upgraders who\u2019ve been the driving force behind the incredible rises in this market,\u201d Domain\u2019s Chief of Research and Economics, Nicola Powell, says. \u201cWe have such low interest rates and credit is so cheap, and at the same time, with COVID-19, we\u2019ve been using our homes differently, and working from home.<\/p>\n<figure class=\"wp-caption alignnone lead-wide size-full\"><img decoding=\"async\" id=\"1069280\" class=\"size-full alignnone lazyload\" data-src=\"https:\/\/res.akamaized.net\/domain\/image\/upload\/t_web\/v1625190179\/Domain_AGE_-_Upgrader_feature_Jon_Jette_Doherty_1_bxps8k.jpg\" alt=\"Domain_AGE_-_Upgrader_feature_Jon_Jette_Doherty_1_bxps8k\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-caption-text\"><em><strong>Jon and Jette Doherty with daughters Helena and Isabella at their new home. Photo: Stephen McKenzie<\/strong><\/em><\/figcaption><\/figure>\n<p class=\"DMAGBodyCopy_Serif\">\u201cSo, home-owners have looked at their homes and decided now is the time to either renovate or upgrade. The fact that prices are rising so fast means affordability can sometimes be a disincentive but, at the same time, capital growth is so strong, people think the gains will outweigh the cost.\u201d<\/p>\n<p class=\"DMAGBodyCopy_Serif\">For Jette and Jon Doherty, it was more that they\u2019d outgrown their house in Highett, in Melbourne\u2019s south-east. When they\u2019d bought and moved in 12 years ago, there was only the two of them. Now, with daughters Isabella, 12, and Helena, 10, they really felt as if they needed more space.<\/p>\n<p class=\"DMAGBodyCopy_Serif\">\u201cWe\u2019ve been looking for a few years to upgrade so we would have more room and be closer to the beach,\u201d says Jette, 45, a digital experience and design senior manager. \u201cWe always thought our house would be a stepping-stone to somewhere else, and finally we felt that time had come.<\/p>\n<p class=\"DMAGBodyCopy_Serif\">\u201cOur children are getting bigger and it would be nice if we had more space so they could bring home their teenage friends and have their own space. COVID delayed things a bit but, in the end, we took on a buyer\u2019s advocate to help us.\u201d<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.domain.com.au\/news\/the-unexpected-group-of-buyers-driving-up-house-prices-1071177\/\">DOMAIN<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: \u201cAs soon as I walked in, I knew this<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/the-unexpected-group-of-buyers-driving-up-house-prices\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":33576,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478107038,478099480,478098512,478099464,478099524,478098521,478108952,478117075,478098566,478098519,478098535,478098522,478117076,478100939,478098513,478098873,478098579,478098510,478098514,478098511,478098509],"class_list":["entry","author-data123nz","post-33575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-aussie-homeowners","tag-aussie-homes","tag-australia","tag-australian-property","tag-australian-real-estate","tag-australians","tag-covid-19","tag-domains-chief-of-research-and-economics","tag-first-home-buyers","tag-home-ownership","tag-house-prices","tag-interest-rates","tag-jon-and-jette-doherty","tag-nicola-powell","tag-property","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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