News & Inspiration

Australian home buyers: Finding a rung on the property ladder

Aug 17, 2017 | Inspiration

Download a PDF of this infographic [PDF 6.2MB]

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

FOLLOW US

      

You may also like

Start building your new Mincove Home today!
Call us on (02) 4243 8841