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IT'S been an exceptional few months in the property market. In February, values rose 2.1 per cent nationally - the biggest jump since 2003.
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March had a 2.8 per cent uptick, the fastest climb in 32 years. Thankfully, price growth for April settled down to 1.8 per cent.
Concerns about being priced out of the market are seeing some first home buyers fast-track their plans.
According to Finder, one in two (53 per cent) first home buyers are getting into the market sooner than expected.
That's fine if you've done your homework.
But Finder found nearly six out of 10 first home buyers surveyed are having to pay unexpected upfront costs to the tune of about $6000.
These unplanned outgoings include insurance, conveyancing costs, lender fees and moving costs.
They can come as a real hit to the hip pocket, especially for buyers who aren't expecting it.
Rising prices are a serious concern for first home buyers.
And yes, I'm a big fan of home ownership as a foundation of personal wealth.
But fear of missing out rarely leads to good decisions.
Buying a home calls for planning.
Draft a budget that includes all buying costs, not just a deposit.
Be sure you can handle the ongoing costs associated with owning a home - council and water rates, insurance, strata fees in an apartment, and repairs and maintenance.
The bottom line is to be prepared before jumping into the market for the first time.
Remember, there are multiple pathways to buy property, from rentvesting, to buying with a family member or asking relatives to act as a guarantor for part of your loan.