Really struggling to find a home... Anyone else?

Discussion in 'The Buying & Selling Process' started by SMsearching, 17th Jun, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. SMsearching

    SMsearching New Member

    Joined:
    17th Jun, 2019
    Posts:
    1
    Location:
    Melbourne
    Hi there, my partner and I are currently looking to buy our first home and it's proving extremely difficult. Is anyone feeling it too? We are looking for home inner west Melbourne (West Footscray, Maidstone, Yarraville, Seddon, Kingsville, spotswood) up to the 900k mark.

    Weve been looking for close to a year now and have lost on a few auctions that we are now definitely regretting.. Any advice on what to do? Or is patience our best bet atm? Or is anyone looking to sell their home?
     
    SMsearching, 17th Jun, 2019
    #1
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,375
    Location:
    Australia
    Your avoiding the most obvious conclusion. Raise your budget. Or lower your expectations.
     
    Trainee, 17th Jun, 2019
    #2
    housechopper2, TMNT, Lindsay_W and 1 other person like this.
  3. jazzsidana

    jazzsidana Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    459
    Location:
    Melbourne
    It's really a buyers market at this point with hardly any competition. No reason not to be able to secure right kind of property but good to have realistic expectations I'll say!

    Cheers,
     
    jazzsidana, 17th Jun, 2019
    #3
    TMNT likes this.
  4. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    711
    Location:
    Melbourne
    Perhaps someone else (an experienced friend/ colleague) could bid for you at auction. Or you could talk to local agents about unadvertised properties. Or perhaps try a buyer’s advocate. :D
     
    KateAshmor, 18th Jun, 2019
    #4
  5. Dan Wood

    Dan Wood Well-Known Member

    Joined:
    18th May, 2019
    Posts:
    353
    Location:
    QLD
    I have a feeling that expectations are way to high..

    I get it almost a million for a house, but you can't expect all the bells and whistles just because it's at a certain price point.
     
    Dan Wood, 18th Jun, 2019
    #5
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,658
    Location:
    Gold Coast (Australia Wide)
    Objectively, if one hasnt found a well priced home in the market of the last 12 mths........ the chance of finding one in the next 12 is likely lower....................... unless we have an economic knock.

    have had this same sort of concern from clients in Sydney ( where I believe the cycle is ahead of Melbourne), so your mindset isnt unique at all.

    Lexus at Camry price, and/or Goldilocks Syndrome is much more common at the moment with the bearish media ( and in part the bearish reality) over the last 18 mths or so, with the buyer seller Vacuum still very much in tact in Melb, but starting to leak towards normal in Sydney

    ta
    rolf
     
    Rolf Latham, 18th Jun, 2019
    #6
    Jacque and Lindsay_W like this.
  7. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,429
    Location:
    Qld
    Perhaps you are joking?

    If you can’t find a house in Melbourne in your price range, you are looking in the wrong places.

    Like most, you may have to settle for what you can afford, not what you want. It’s a first home, few people get their dream home for their first purchase.

    Or just rent in your chosen suburb forever.
    Marg
     
    Marg4000, 18th Jun, 2019
    #7
    Scott No Mates likes this.
  8. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,275
    Location:
    Sydney or NSW or Australia
    I only got 4 pages when I searched these areas for houses sub-$900k. Everything from 2 bedroom character homes through to rundown 4 bedders.

    Nope, nothing in this price range.
     
    Scott No Mates, 18th Jun, 2019
    #8
    housechopper2, Codie, Marg4000 and 1 other person like this.
Investment properties sent straight to your inbox