Australian home buyers: Finding a rung on the property ladder

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DWELLING STRUCTURE AND TENURE TYPE, 2016 (A), (B), (C)

DWELLING TYPE	PERCENTAGE
Separate houses	72.9%
Semi-detached, row or terrace, townhouse	12.7%
Flats, apartments	13.1%
Caravan	0.3%

TENURE TYPE	1991	2016	CHANGE
Owned outright	41.1%	31.0%	↓
Owned with a mortgage	27.5%	34.5%	↑
Rented	26.9%	30.9%	↑

(a) Includes households in occupied private dwellings only. Excludes visitor only and non-classifiable households.

(b) Owned with a mortgage includes ‘Being rented under a shared equity scheme’.

(c) Rented includes ‘Being occupied rent free’.

FINDING YOUR FIRST RUNG ON THE PROPERTY LADDER

#1: Invest in a new build home

• Customise your home before construction starts —layout, facades, colour palettes
• No need for renovation / DIY
• Less maintenance
• New homes reflect today’s design elements and trends
• New builds are usually more energy efficient (which leads to lower power bills)
• New builds often come with new technology
• “That new home smell”

#2: Buy an existing home

• Older homes may come with their own historical features which can be charming
• If you DIY you may enjoy the maintenance that an older home requires

#3: Knock down, rebuild

Why not knock down and rebuild?

• You own the land already
• You know the neighbourhood
• You just want a newer, nicer home

LOCAL HOUSE TRENDS

Median house price

LOCATION	MEDIAN PRICE (JULY 2015-JULY 2016)	MEDIAN PRICE (JULY 2016-JULY 2017)	CHANGE
Berry	$768,300.00	$1,000,000	↑ 23.17%
Shell Cove	$709,816.00	$830,000	↑ 14.48%
Shellharbour	$643,733.60	$808,000	↑ 20.33%
Flinders	$600,100.00	$680,000	↑ 11.75%
Wollongong	$693,334.50	$821,000	↑ 15.55%
Worrigee	$399,712.50	$475,000	↑ 15.85%
Nowra	$302,412.00	$395,000	↑ 23.44%
National Average	$464,145.00	$485,000	↑ 4.30%

Rent per week

LOCATION	RENT PER WEEK
Shell Cove	$590
Shellharbour	$530
Flinders	$520
Berry	$510
Wollongong	$500
Worrigee	$400
National Average	$395
Nowra	$350

Those weekly rent payments could be paying off your mortgage!

Mincove Homes are knock down rebuild specialists. They can combine the benefits of an existing site with the convenience and comfort of a new build.

Sources

• Census of Population and Housing 1991, 2016
  http://www.abs.gov.au/ausstats/[email protected]/Lookup/by%20Subject/2071.0~2016~Main%20Features~Snapshot%20of%20Australia,%202016~2
• Median prices and rent pert week information from https://www.propertyvalue.com.au