'It's heart breaking for us': Desperate Aussie families struggling to break into the property market
If you're one of the lucky ones and looking to sell, this is probably your season. But if you're looking to buy a home, then you're left battling it out in one of the most unaffordable markets in the world.
Melbourne couple Brendan and Jessica Drew have spent four frustrating years looking for a place to settle down with their six-year-old son.
READ MORE: Car parking space sells for $1.7 million
For a lot of Australians, purchasing property right now is near impossible. 60 Minutes
Jessica Drew says it's been frustrating spending four years trying to break into the Melbourne property market. 60 Minutes
READ MORE: HomeBuilder applicants miss out due to glitches
In an interview with 60 Minutes reporter Sarah Abo, they say they never could have imagined the Australian property market would be so difficult to break into.
"It's heartbreaking for us," Jessica says.
"Never in my wildest dreams did I think we would not be able to get a house."
With interest rates at an all-time low, a surge of budding homeowners are looking to buy a home to call their own. But there are nowhere near enough properties for sale.
'I think a lot of people think we are crazy'
What our market is now engulfed in is a severe supply and demand issue, but the gap is so vast at the moment that desperation is driving prices up to unrealistic levels.
Real estate agent James Peach, who offered up his own Coogee apartment to house hunters at their wits end, ended up profiting a huge $700,000 in just three years from the lucrative property deal.
However, like James, others who have decided to sell their houses now face the prospect of having to buy back into this overly competitive market.
READ MORE: Chinese investment in Australian property slumps amid tensions
Real estate agent James Peach made $700,000 on his own Coogee apartment, sold to house hunters at their wits end. 60 Minutes
Milad and Lilian Fares took advantage of inflated property prices. 60 Minutes
Milad and Lilian Fares are a couple who've taken advantage of the inflated property prices, selling their western Sydney home eight months after they purchased it for a $100,000 profit.
"I think a lot of people think we are crazy at the moment for what we have done," Lilian says.
They tell 60 Minutes that while they have made a substantial amount of money, they now are left contemplating the very real possibility they'll struggle to buy back into the market.
Buyer's agent Nicole Jacobs is warning against snap decision making. 60 Minutes
Buyer's agent, Nicole Jacobs, who has seen her share of high stakes bidding, is warning against snap decision making especially when under pressure from agencies.
Ms Jacobs, who is an industry veteran of 30 years, says even she is shocked by how far people are prepared to go to secure a property.
Her advice? "Slow down and cool your jets".
We’d love to hear from you
