‘Small price to pay’: The young homeowners welcoming falling house prices even as it hurts them
Some buyers say they are ready to absorb the fallout of housing weakness if it means boosting home ownership across the board Get our breaking news email , free app or daily news podcast Falling property prices have come at the worst possible time for Alex Hogan and his partner. They are now weighing up whether they can afford to have another child. Locked out of the established housing market,…
Some homeowners are willing to accept falling house prices if it means making housing more affordable for everyone, even though it's a tough reality for those who bought recently. Alex Hogan, a Queensland couple, is weighing up their options to afford another child, as falling prices have limited their ability to finance a new home, with construction costs and interest rates playing a significant role.
Eibhlinn Cassidy, a Melbourne junior doctor, is also prepared to accept the dip, as it would alleviate the stress of constantly dealing with high rents and weak tenant rights. Terry Rawnsley, a KPMG economist, believes that prices will recover once interest rates start declining, which is likely to happen by 2028. Even though some Australians are experiencing financial strain due to the property market downturn, they are hopeful that the market will stabilize, allowing more people to afford homes in the future.
Written by urgent.news from The Guardian's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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