Guide to Buying your First Home

8 GUIDE TO BUYING YOUR FIRST HOME I bet a lot of people read these articles mentioned above and decided not to buy property. Do you think they are regretting their decision now? Our real estate market, like any other commodity, is driven by supply and demand. At present we are experiencing record levels of migration into Australia from overseas and there is a good reason for this. We have a rapidly aging population and as these people retire, we, the taxpayers, need to pay them a pension. The problem has become, there are not enough of us working anymore to cover these costs. We therefore need to bring more people of working age into our wonderful country to support our generous structure. These migrants will then get a job, pay tax and allow our senior citizens to live out their days with money to put food on the table and provide other essential items. When all these migrants arrive, they need a roof over their heads, and this is fuelling the real estate market and will continue to do so in the coming years. Many of these migrants will not be able to afford a home immediately, they will need to establish themselves in permanent work and provide their lenders with proof of funds and some form of history of savings ability prior to buying a new home. This migration will continue to lead to a shortage of homes in Melbourne and if many homes are not built for rent soon, we will start to see rental prices increase and the ability for those renting and trying to save for a new home will be made even more difficult. This is why I believe we will not see downward pressure on housing prices in the foreseeable future.