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What to do when your dream suburb is unaffordable

By Heather Mellican

According to CoreLogic RP Data, the combined median prices for real estate in Australia’s capital cities rose more than 11 per cent over the year to July 2015.
If you find yourself priced out of your desired location, there are still a number of ways to break into the property market – all it takes is a little compromise.

Rent: Renting in your ideal suburb will can give you a feel for the area and give you an idea as to whether it is worth the money to live there.

Surrounding suburbs: If the prices in the areas neighbouring your ideal location are increasing at slower rate, this can indicate heightened growth in the future, making for an effective investment.

Start small: If location is your priority, consider starting in a smaller property. As your equity builds over time, you could refinance your home loan or sell your smaller property to purchase the home of your dreams.

Invest: Buying an investment property can help you on your way to affording your dream home. Provided you choose the right home and property manager, you could receive a profitable income through rent payments and capital gains, allowing you to purchase your ideal home in the future.

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