Many successful first-home buyers are blowing out their budget and setting themselves up for years of financial pain.
“Many are being forced to spend more than they had initially hoped, but this will have consequences down the track on buyers’ ability to service their loans.”
The research found that 41 per cent of buyers from NSW and 40 per cent from QLD blew out their budgets, compared to 31 per cent of Victorian buyers. Finder’s home loan expert Richard Whitten says house prices have risen by an average of 19 per cent across the eight capital cities in the past year, with units rising by 12 per cent.
“I moved from Sydney to Melbourne, partly because of property prices. When you re-examine your property budget in a different market, you suddenly have a lot more options.”People from the city have increasingly moved to regional areas as they are more affordable than urban suburbs. Picture: NCA NewsWire / David Swift