News

Taking the plunge

Alice Hodgkinson (with her daughter Piper Lloyd) is ready to open the door to her own home.
Alice Hodgkinson (with her daughter Piper Lloyd) is ready to open the door to her own home. Candyce Braithwaite

AT 19-years-old Alice Hodgkinson is already fed up with the rental market and is getting ready to buy her first home.

With her fiancé by her side, she is trying to save enough money for a deposit.

New research recently has revealed that Generation Y is more confident about buying a house and is ready to take the plunge into the market.

Latest CBA/Mortgage and Finance Association of Australian research found current high rents meant two-thirds of first-time home buyers were re-evaluating the trade-off between renting and buying.

For Miss Hodgkinson the decision is easy.

She's been renting for three years and decided she wanted to stop paying off someone else's home.

"Over the last three years I feel like I have thrown away a lot of money," Miss Hodgkinson said.

"I would feel much more comfortable about putting the money towards my own home.

"My fiancé and I would be able to afford the repayments, it's just being able to save for the deposit that's hard."

Helen Harm, of Helen Harm Real Estate, said Generation Y needed to seek professional financial advice before driving into the market.

"I think it's important for Generation Y to sit down with a professional and discuss the costs of purchasing a home," Mrs Harm said.

"It's not just as easy as finding a home you like and signing the paperwork.

"First of all they need to think about the deposit, it's 10% of the cost of the home, then they need to think about rates and insurance."

Mrs Harm said Generation Y needed to experience the real world before deciding to buy their own homes.

Topics:  property market




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Wilmot selected for Central Division

Action between Toowoomba and Wide Bay in the 47th Battalion Rugby League Carnival at Cities Oval, Roma on Sunday.

Jason Wilmot selected for the Central Division representative team.

Drafters converge

CUT OUT: Action from the 2105 Stanthorpe Campraft, with the 2016 event tipped to top the field.

The Stanthorpe Campdraft is set to return this weekend.

On your bike for talk

BREAKING BARRIERS: Jeremy Staples will be giving a presentation at the Stanthorpe Art Gallery on Friday night.

Guests are invited to take part in Positive Failures on Friday night

Latest deals and offers


Make Mum something special at Bunnings

Warwick families can make something special for their Mum at Bunnings tomorrow night.

Mother's Day family night at Bunnings tomorrow

Spectacular Crash as Corvette Flips at Drag Races

Corvette flips at 350kmh.

Driver walks away from 350kmh crash in Texas.

Star Wars: Force Awakens told in Emojis

Disney has released an emoji version of The Force Awakens.

To commemorate Star Wars Day, Disney releases emoji version of film on a smart...

NYPD join dance challenge

New York Police respond to NZ dance challenge.

New York's finest accept Kiwi dance challenge.

Mayor: confidence is key to filling empty shops

Former Destination Southern Downs business implementation manager Tracy Dobie has announced she will be running for Mayor. Photo Contributed

Dobie to lead economic development committee

Warwick commercial property market in ‘decline’

The old Mango camping store on Albion St is for sale/lease at the moment. It's been empty since late February after housing the camping business for 10 years.

Business confidence affects commercial property sales

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.