What do we do? The Millennial Housing Market Mess

Sean O’Sullivan, 2MCE Extra 

PARENTS have always told their children that buying their first home will always be hard, and yes although they’re right it’s never quite been this hard.

Every time the capital city property market notches up another milestone – another young homebuyer loses to a wealthy investor.

It’s no secret that property in Australia’s capital cities is seriously unaffordable, with many young people struggling to even find a studio apartment in Sydney.

Surely, the housing bubble will burst at some point, right?

Or will it? Sydney now has a median house price of one million dollars and with negative gearing still in full swing, it seems unlikely.

Hayley McKenzie, a 25-year-old marketing professional has been looking to buy her first home in Sydney.

“With the amount of savings I’ve got and the money I’ve earned, I wouldn’t of thought I was so far off buying a house”

“Me and my partner are looking to buy an already established house, we’re not looking to buy an investment property. We just want a house that we can live in”, she said.

But there is an alternative for young homebuyers such as Jules.

Source: Sean O'Sullivan

Bathurst has been labelled the most affordable regional city centre in NSW               Source: Sean O’Sullivan

Jennifer Watts (29) has moved three hours away from Sydney’s CBD to start a new life here in Bathurst with her husband and two children.

“I was very hesitant to make the move out here, it was hard to say goodbye to Sydney. But it’s been the best decision we’ve ever made”

“The kids are now able to play and grow up with a backyard, something that wasn’t an option if we stayed in the city” she said.

The median house price for Bathurst now stands under three-hundered and fifty thousand dollars, much more affordable in comparison to the Sydney market.

So it seems likely that the Central West can expect a lot of new neighbours in the not to distant future.

But first homebuyers aren’t the only ones who are looking to the states regional centres…

Click here to see who else is making the big move.

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