Co-buying a viable option for first home buyers in a hot property market
With the current state of the Melbourne property market, it is no surprise first homebuyers are taking a ‘co-buying’ approach to get a foot in the property market.
Joining forces with friends, siblings, partners or parents to make up the funds for the deposit and stamp duty is becoming increasingly apparent.
The latest release at Cedar Woods’ Jackson Green master planned community sold 50 per cent of the properties within the first week of sales to predominantly first homebuyers and young couples.
Grove, Jackson Green’s current town home release, offers buyers a choice of 23 architecturally designed three and four bedroom homes in the south eastern suburb of Clayton South.
The town homes enjoy close proximity to Jackson Green’s central park and are conveniently located near some of Clayton’s best amenities.
Town homes are a viable option for first home buyers as they are typically within a more affordable price bracket and are usually located within suburbs with existing amenities.
Cedar Woods State Manager Patrick Archer says, “town homes are a great option for first home buyers as they are affordable, low maintenance and provide excellent investment opportunities for young buyers.”
“Government grants and stamp duty exemptions make buying off the plan desirable for first homebuyers as the total capital outlay is greatly reduced.”
Emily Vuong, a 25 year old teacher, recently purchased a three bedroom town home in the recent Grove release at Jackson Green.
Vuong, who has always lived in the Clayton area, was only able to purchase the town home after teaming up with her boyfriend and parents.
“I would never have been able to purchase a property myself. By teaming up with my boyfriend and parents I was able to purchase a property that is a strong investment for my future.”
“From my parents’ assistance I was able to get a foot up in the property market much earlier than most friends, purchasing off the plan allows me to save up a larger deposit before settling, reducing my overall mortgage.”
Vuong was attracted to the Jackson Green community due to its location, proximity to amenities, design and overall layout.