Extreme things buyers do to climb property ladder

Some people will scrimp and save to get on the property ladder – but others will go to more extreme lengths.

And with median house prices in major cities like Sydney teetering on the $1 million mark – and Melbourne not far behind, its no surprise home buyers will move into less than desirable neighbourhoods, shack up beside a brothel – or even move into a dead person’s place.

That’s according to research conducted by Finder.com.au, which suggests almost half of Australians surveyed would: tolerate living in an untrendy, cafeless suburb, the ‘unlucky’ house number thirteen and even a deceased estate in a bid to get on the all-elusive property ladder.

But it gets worse. One in four (25%) Australians conceded they’d live within close proximity to a brothel (although, admittedly, more men than women were prepared to make this compromise), while one in five (20%) would put up with living near a noisy bar.

Also read: Median price for Sydney home above $1m

“Things that may be viewed as undesirable are now being viewed in a new light as house prices continue to climb,” says Bessie Hassan, Money Expert at finder.com.au.

“Wish-lists are going out the window, as buyers compromise to get their spot on the property ladder.”

No-no’s

However, there are still some no-no’s that most won’t compromise on. Homebuyers are less likely to compromise on buying a place with an unsavoury smell, asbestos or an area with a high crime rate and abandoned vehicles on the street.

However, keeping a long-term view when considering different properties and locations can be a good tip.

“Keep in mind that areas change over time, and gentrification and urban renewal can shift the appeal of a suburb, so you could be looking at the next hot suburb without realising it,” says Hassan.

South Australians are the most desperate to get into the property market with 14% willing to put up with all of the listed turnoffs, followed by NSW and WA at 9%, QLD at 8% and VIC at 7%, the research also showed.

However, other homebuyers are also going about getting a foothold on the property ladder in different ways.

A growing number of young Australians are stashing their cash in the stock market in a bid to build wealth in order to buy a home.

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Millennials now make up almost 30 per cent of active CommSec accounts, representing 70,000 trades per month, research shows.

Given the low interest rate environment, youngsters are investing their money in well-known blue chip shares, where they can earn four to five per cent in return.

“With property it is getting harder and harder to think about ownership so that reduces their investment options,” CommSec managing director Paul Rayson said.