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Why you should stay flexible in the search for your first Canberra home

By Ben Faulks

Experts agree that buying a first home certainly isn't as easy as it might have been for previous generations. Despite many claims that standalone house prices are moving out of reach for first time homeowners, recent buying trends suggest that there are still plenty of options on the market if prospective buyers are prepared to adjust their vision of the perfect first home.

It's not your parents' property market

Some soon-to-be homeowners will be holding on to that vision of a three bedroom house in the suburbs with enough room outside to throw a ball around – similar to the types of homes many of us grew up in. While this kind of property might be difficult to find for those with tighter budgets, there are still investment opportunities available in other types of dwellings.

Recent trends among first time home owners point to a drastic increase in the number of apartments or units purchased as entry-level properties. An estimated 26 per cent of new property investors are eyeing mid to high density housing such as apartments and units. This is up from just 15 per cent 20 years ago. More and more buyers agree that these types of dwellings provide a solid leg-up on the property ladder.

Apartment living isn't what it used to be

Developers have moved away from the stacked shoe-box model of apartment complexes into more viable living spaces for professionals and small families alike. When buying an apartment or unit, you are not only gaining a living space, but also access to local amenities.

First time homeowners in Belconnen who take the apartment or unit route will be buying into a dynamic and lively community – not just a place to live, but a home in the truest sense of the word.

You don't want to blow the budget

For 2017 (year to date), median house prices differ quite dramatically from that of other dwellings. The median price of a house in the ACT in the last 12 months was $635,000, compared to the median unit price of $443,000. The difference in these numbers provides some wiggle room to a value exceeding $190,000 – a significant difference on a first time investment of this size. A higher density dwelling could be the solution to the needs of this growing demographic – a great property that doesn't augment hopeful buyers' intended spend. 

The great news for prospective investors in Belconnen real estate is that these numbers show our district to be the most affordable to live in within the ACT. Median dwelling prices in Belconnen are currently sitting below even the state average, so why not take a look at an apartment or unit as your first property? Get in touch with our team today to find out more about apartments in Belconnen. 

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