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NSW: First home buyers drift to other states for investing as Sydney property prices soar

4Mo ago 0 Replies 146 Views
Disillusioned Sydney first homebuyers are increasingly opting for investment properties in Melbourne or Brisbane as the Harbour City braces for another whirlwind year of price rises.

City property prices grew an average 6 per cent in the past three months alone and are projected to increase another 10 per cent over 2020 but many would-be first homebuyers claim the booming prices forced them to reconsider their property goals.

This contingent of buyers were more likely to consider “rentvesting” – buying an investment property while continuing to rent – with many arguing they will get better value in other capitals.

A median priced Sydney house is about $200,000 pricier than one in Melbourne, while the typical Brisbane house is $400,000 cheaper, CoreLogic data showed.

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