{"id":34068,"date":"2021-08-22T17:48:29","date_gmt":"2021-08-22T05:48:29","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=34068"},"modified":"2021-08-22T17:48:29","modified_gmt":"2021-08-22T05:48:29","slug":"why-first-home-buyers-can-only-afford-apartments","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/why-first-home-buyers-can-only-afford-apartments\/","title":{"rendered":"Why first home buyers can only afford apartments"},"content":{"rendered":"

PHOTO: The couple have looked at 50 places over the last two years but have missed out on five properties so far. Picture: Supplied Source: Supplied<\/em><\/span><\/strong><\/p>\n

Eric and Julia Meyer have a baby on the way and despite a \u201chefty\u201d six-figure deposit they still can\u2019t get on the property ladder.<\/p>\n

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The couple, who estimate they have paid $100,000 in rent over the past six years living in Bondi<\/a>, have been searching for a place to buy for the last two years.<\/p>\n

But they have watched the \u201cscary\u201d increase in house prices in Sydney<\/a> and have all but given up on the dream of buying a house and instead have turned to apartments.<\/p>\n

\u201cWe have been able to save a hefty deposit but the sad thing is it\u2019s not even able to be put into fruition at the moment,\u201d Julia, who is eight months pregnant, told news.com.au.<\/p>\n

\u201cIt\u2019s a 20 per cent deposit for a range between $1.3 million and $1.5 million for an apartment and its just competitive as people aren\u2019t listing at that price level.\u201d<\/p>\n

They have looked at 50 places in the last two years, everywhere from the Waverley Council area through to the Northern Beaches and down to Wollongong, but have their hearts set on staying in the Bondi area as they have built a community there.<\/p>\n

\u201cWe got approval for a mortgage around $1.95 million and in the Eastern suburbs you are lucky to get an absolute knock down for that money,\u201d added Eric.<\/p>\n

\u201cIn the perfect world we would have loved to have a house here, but the market has gone up that much we can\u2019t afford a house at the moment.<\/p>\n

\u201cThe scary thing is houses are being listed at a certain price and going at least $500,000 over reserve.<\/p>\n

\u201cI think there is a house for sale somewhere in North Bondi and it\u2019s honestly an abandoned house with windows boarded up and it hasn\u2019t been touched in 30 years and the guide is $3 million. There has been an influx in the market in the last 18 months and that turned the properties there unattainable to the average person.\u201d<\/p>\n<\/div>\n

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