Relief is in sight for first home buyers, with analysts tipping median prices to plummet from ‘No Chance’ to ‘Maybe. Actually no’.
Retail expert Tom Aberfitch said it was a welcome change for many Australians for whom home ownership had become an impossibility. “It’s still an impossibility, but just that little bit less so, which is comforting,” he said.
Mr Aberfitch said it was amazing that a one-bedroom apartment on the outskirts of Sydney now cost $1million. “Last month that would’ve sold for $1.1million. So we’re seeing some absolute bargains now, that’s for sure,” he said.
Asked if he had a strategy for those trying to break into the market, Aberfitch said “No”.