There’s nothing like a bit of history to keep things in perspective. A March 1988 newspaper clipping (dug up online by No1 Property Guide founder Darren Walters) bemoans the rapid rise of properties in the Sydney region.
Though mere loose change for Sydney prices compared to today, the article shows the rise in a number of selected Sydney suburbs prices from March 1987 to March 1988. For example, Chatswood, now a major residential and business centre of Sydney’s Lower North Shore, rose in average house value from $180,000 to $250,000 in March 1988.
This is, of course, nothing compared to today’s multi-million prices being paid for Chatswood land and home packages. However it points to a deeper truth, says Darren, one that is still very applicable today.
“The market never waits,” he said and urged people thinking about buying their first home to consider making arrangements now, rather than waiting for a non-specified time in the future. Darren advised that waiting in such a way may mean the dream first home in the desired suburb or town, may become out of reach.
“Use the market,” suggests Darren. “Initially you may wish to buy your first home with a no or low deposit house and land package through us at No1 Property Guide.”
“However the first home may not be in the suburb of your choosing. But, after a few years paying this off, you gain equity and may then be able to afford to buy property in the region or suburb of your choice,” said Darren.
As the 1988 article states: “…people are having to live in lower standards of dwellings in areas which wouldn’t be their first, or even second, choice.”
However as Darren states, getting into your first home — and off the rental merry-go-round is the key. “Dave” (in the comments field of the social media shared form of the article) concurs with this view.
“Save more, start smaller, educate oneself to lead to more opportunities to increase income, change jobs etc…”
Interested in learning more about no and low deposit house and land packages through No1 Property Guide? How you can get into your custom built first home, Extras such as a swimming pool or ducted air conditioning (to name but two) are available with a simple deposit at No1 Property Guide.
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