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Power of now is in buyers' market

20-year-old student Adrianna Rimland has just bought her own home in Leichhardt.
20-year-old student Adrianna Rimland has just bought her own home in Leichhardt. David Nielsen

GENERATION Y is making the most of the Ipswich's prime house prices and getting into the home buyers market.

REIQ Ipswich Zone chair, Peter Mendoza said younger people had started to venture into the home buyers market in recent months.

"While the prices are down, it is a good time for them to buy. Generally they are looking for the lower-priced homes for under $300, 000," he said.

None more so than 20-year-old Adrianna Rimland, who proved it is possible to work and study full time and buy your own house.

The criminology and psychology student saved 17% of her pay from her work as a sales assistant and bought a three-bedroom home in Leichhardt.

Ms Rimland saved enough for a $40,000 deposit on her $229,000 home.

"It definitely is possible. It's not for everyone, working and studying full time. With young people it is all about thinking what they can have in a couple of year's time," she said.

"The first maybe, month, of working and studying and saving is hard, but then you get into the routine.

"It's important to not over-compensate and stay within your means. We were looking for something manageable and didn't have to do a lot with it."

Yesterday the state government gave potential buyers even more reason to spend up by extending the $10,000 building boost grant for another three months.

Home loan broker Les Scott, said current house prices and low interest rates are providing a good opportunity to purchase a home."

"Home buyers have a number of opportunities to obtain a home loan in today's competitive home loan market with the range of products available," he said.

"It really comes down to employment, income, savings and credit history."

He said it was important to have a 5% genuine savings record.

 

Home truths

2012 best time to buy in Ipswich for seven years.

Ipswich house sales rose by 30% in the September quarter last year.

The median Ipswich house price is $300,000.

Topics:  gen y house mortgage property



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