Growing numbers of buyers are taking a different path to attaining their first home — through investment properties. ENTERING the property market has never been more daunting for firsthome buyers. Record property prices and fears over future interest rate rises has seen first-home buyers retreat from the market over the past 18 months, with the number of first-home owners grants issued in Victoria falling by 45 per cent since 2009.
With most first-home buyers in Melbourne priced out of their favoured inner-city locations, growing numbers are taking a different path into their first home — via investment property.
‘‘It’s a way first-home buyers can get into the market and work towards getting a property they want in a suburb they want, without having to compromise by either moving into a small one-bedroom unit or out of the area where they want to live,’’ Advantage Property’s Frank Valentic said. ‘‘If you can stay at home rent-free, that is great, but we have clients who rent and who manage a property portfolio. A growing number of our clients who are first-home buyers are going down this path.’’