PHOTO: Tijana Jovic. INSTAGRAM
Another young Australian has expressed the challenges of purchasing a home, lamenting the escalating housing crisis in the nation. Tijana Jovic, hailing from Western Australia, found herself amidst 30 competing families during an inspection for a seemingly ‘small’ home that couldn’t accommodate even half of her clothes.
In a TikTok rant on Monday, Jovic predicted that the home would likely sell for at least $100,000 above its market listing. She was surprised to discover that offers were closing much earlier than expected, with people submitting bids just 15 minutes after arriving at the property.
@tijanajovic_ WA house market rant ???? its getting ridiculous …! #fyp #buyingahouse
Jovic observed at least five groups approaching the real estate agent, eager to inquire about placing offers on the home. Initially thinking that buying a house would be a “fun and exciting” process, Jovic, like many others, was disheartened by the current challenges. Numerous Australians in similar situations responded to Jovic’s post, offering advice and sharing their own experiences.
Amidst the discussions, median property prices in Australia’s capital cities were highlighted:
- Melbourne: $937,736
- Sydney: $1,396,888
- Brisbane: $860,465
- Perth: $660,069
- Adelaide: $753,575
- Hobart: $705,919
- Darwin: $578,704
Source: Property Update
https://propertynoise.co.nz/au/realtor-has-gone-viral-on-tiktok-watch/
Some individuals cautioned against buying in the current market, citing concerns about the economy potentially experiencing a recession by the end of 2024. Others shared their success stories, including using buyer’s agents and strategically placing offers.
The broader conversation touched upon the challenges faced by young professionals in Australia, with some attributing their difficulty in entering the property market to their family’s financial history. The sentiment echoed a Reddit post by a young electrician who expressed the belief that homeownership was becoming increasingly unattainable for many, despite earning a good salary.
https://propertynoise.co.nz/au/encounter-the-tiktoker-shedding-light-on-australias-most-appalling-rentals-a-desperate-last-option-watch/
As national property prices are expected to rise by up to 5% in 2023, the ongoing housing crisis continues to be a pressing concern. The discussion also highlighted the impact of factors such as limited housing supply, rising interest rates, and economic uncertainties on the property market.