MEET THE MILLIONAIRES

Hands up if you own a house in one of these suburbs? Yes? Time to pop the bubbly – you’ve reached the million $+ medium.

RP Data research showed that there are just 36 suburbs left within 16km of the Sydney CBD with a median of under $1 million, but 19 of those are less than $45,000 shy of the mark & would take 5% more growth, or less to get there.

Not too long ago, $1 million used to be a milestone in sales – less than 70 suburbs had million dollar medians 10 years ago, compared with 265 today – but the same price is now considered a BARGAIN in some suburbs.

It does make it tricky for our first home buyers however, although we do have some great tips to assist them to get into the market. What we’re seeing a lot of now is first home buyers purchasing to invest rather than to live in. This strategy allows them to get into the property market while either still living at home with Mum & Dad or renting elsewhere, cheaper. Being a first home buyer investor means that someone else is assisting to pay your mortgage. Many first home buyers are buying out of the “hot” areas just to get their foot in the door & capitalise on an escalating property market.