First home buyers waiting to be able to afford what they want are playing a 'hope game' in attempting to get their foot on the property ladder, according to chief executive officer of buyer's agency Cohen Handler, Ben Handler.
He said this sort of 'hope strategy', where you play the 'hope game' and wait to be able to afford what you want is the wrong way to go about it.
Natalija Tanevska, who currently heads up Cohen Handler’s new Inner West Sydney office said now more than ever first home buyers struggle to save a substantial deposit so they can jump on the property ladder and sees many first home buyers who have been in the market for over 6 months.
"Interest rates are at a record low, however banks have tightened up and the government has eliminated many financial incentives to fast track their process," she said.
"It’s hard enough saving 20 percent and obtaining pre-approval, there’s also the added stress of trying to secure a property in this extremely competitive market."