The Great Australian Dream of owning a home has been a nightmare for many.
And soaring housing prices have made it extremely difficult for millennials hoping to break into the property market.
As it stands from December 2017, Sydney’s median house price climbed more than 10 per cent to a record $1,179,519 – followed by Melbourne at $903,859.
Here, real estate coach Sherrie Storor has offered her advice for millennials struggling to get onto the property ladder – as she revealed the one common mistake people make.
The Great Australian Dream of owning a home has been a nightmare for many (stock image)
Speaking to Whimn, she revealed the top three things people should look out for, including public transport and infrastructure.
Secondly, she said it was important to find a property with unique features that would stand out from the rest, such as the design and colour scheme.
‘Buyers tend to become emotionally connected to a property with originality and, when you go to sell, you could find they’ll pay more because of the style,’ she said.
And the third tip was people need to be willing to make little sacrifices to their lifestyle if they really want to get into the market.
She insisted young people shouldn’t dwell on the idea that their first mortgage is going to be a place where they settle down for the rest of their life.
Real estate coach Sherrie Storor (pictured) has offered her advice for millennials struggling to get onto the property ladder – as she revealed the one mistake people make
Ms Storor said the best strategy for an investment was to search for a property outside your comfort zone. She urged to steer away from popular towns or cities.
‘Millennials want to buy in an area that’s already fabulous,’ she said.
‘But past generations have made the process of buying the property of their dreams a step-by-step goal process over a longer period of time.’
And the one common mistake Gen Y make when they are buying their first home is not doing a thorough research on location.
She said millennials might buy a property to suit their own lifestyle now – but in the long run, they could struggle to sell their home or even see a loss.