If property seems out of your league, one option is to consider “bridesmaid suburbs” instead of main hubs, says Rich Harvey, president of the Real Estate Buyers Agents Association of Australia (REBAA).
“They’re called bridesmaid for a reason – they’re not the main show but they’re still within striking distance of those suburbs,” he says.
For those looking in Sydney, instead of trying to buy into highly exclusive suburbs like Bondi, Coogee or Clovelly, you might consider Maroubra or Botany, which still have nice streets and good access to everything. Brisbanites might consider Morningside or Bowen Hills over New Farm or Tenerife.
“With age, they might also become main suburbs. If there’s a school or hospital or entertainment precinct that could give that area a boost, that could influence it too.
Price is going to be the main driver driving people to those bridesmaid suburbs.”
Harvey says this is where a buyer’s agent comes into the property buying equation and can help with finding more affordable places for home buyers.
“A buyer’s agent is constantly looking at the market: where are the really overpriced and overcooked areas and where are the pockets of value, the gems, the nuggets that are a bit unpolished but have potential for growth? They might be near a train line. Where can you get in at ground level that’s still relatively affordable and ride this cycle out over the next 10 years of growth?”
This article first appeared as “5 tips for saving for a deposit“: https://unohomeloans.com.au/first-home-buyer/how-can-i-get-a-deposit-together/