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MAKING NEWS
Wed, 07 November 2007
Teaming up to buy property
SOARING property prices are leading more people to team up to buy houses.
With house prices rising ever higher, individuals are increasingly turning to the power of two, three or as many as five, of their mates to get into the property market.
A survey of 300 Australians about to purchase their first home found that one in every two were considering co-ownership as an option rather than going it alone.
"With housing affordability reaching record lows and another rate rise potentially on the cards, co-ownership is an effective way to combat these constraints," Wizard Home Loans chairman Mark Bouris said.
Some 41 per cent of first home buyers said high property prices were the main factor behind co-ownership, although social commentator Bernard Salt remarked that it was Generation Y's reluctance to let go of their decadent lifestyles that had also added to demand.
A whopping 86 per cent said the government was not doing enough to help.
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