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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
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