Why waiting is the biggest risk for first home buyers in today's market
Waiting to buy a first home in a rapidly rising market with low supply can be a costly mistake, as prices grow by $100,000 per year.
Full transcript
So the biggest risk that I'm seeing for first home buyers in the current market is not what you'd think. The biggest risk is inaction.
We're in a rapidly rising market with very little supply. So if you sit on the fence and you think, "I'm gonna go away and save", if the property prices are growing at 10% per annum and we're now hitting a million dollar price point, a year's growth is $100,000. So you're now trying to outsave a hundred thousand dollars' worth of price growth every single year.
And that's why waiting is going to be the biggest error that you can make as a first home buyer.