First home buyers ask the question, why is it so hard to get into the market? There are a few factors at play, but it doesn’t mean that it’s prohibitive. The Reserve Bank has decided to keep the cash rate as it is for the time being, which is only 2% and therefore not a viable option for people who need to grow their money and secure their future. Low borrowing interest rates are giving investors much more opportunity to borrow against their existing collateral in their own homes, or other capital they have managed to accumulate. This, as well as foreign investment, has pushed the prices of entry houses/apartments into an area difficult for first home buyers to compete in. Some ways to counteract this are to see if it’s possible to live at home whilst saving for a deposit, if that is an option, or seeing if parents can help with providing the deposit on a loan basis so that young people can get that first foot in the door. To purchase a property which can provide accommodation for someone to share and pay rent can also assist with repayments. Choosing in a location which will appreciate is an absolute must in these circumstances and not be swayed with promises of capital increases in already overvalued property. Go for solid rather than glamour and you will eventually be able to work toward your dream home after you’ve cemented your position.
About the Author: Louise Valette
Louise Valette has 25 years’ experience in the property and building industry. She is a licenced real estate agent and Corporate member of the Real Estate Industry of Victoria (REIV).
After completing tertiary study in horticulture and interior design, Louise founded interior design firm Louise Thomas Interiors and worked as its principal for 17 years. Louise made the transition from interior design to real estate to provide her clients with a more complete service, recognising that the complementary nature of the two industries would give her a unique insight into the property market and allow her to provide clients with the highest quality advice.
Louise takes a considered and detail-oriented approach to property assessment and selection. She pays particular attention to site positioning, aspect and light, construction and proportion, floor plan flexibility, possible enhancements and any relevant planning or development approvals, as well as the general location and amenity of a property.
Friendly, approachable, motivated and experienced, Louise will warmly listen to your desired outcomes and work with you to make them happen. She strives to build positive, ongoing client relationships that are based on trust and mutual respect. She does not push a ‘hard sell’ and derives the greatest satisfaction from helping her clients sell or find properties that are best suited to their desires and needs. Louise is well-known and highly respected in the real estate industry for her integrity, work ethic and principled approach to negotiating and dealing with others.
