property market slump


PHOTO: The slumping property market is good news for first-home buyers

Australia’s worst property slump in a generation has created some obvious losers. Investors who bought at the top of the market are underwater; homeowners looking to sell are having to slash prices and developers are struggling to offload apartments as projects started during the height of the boom near completion.

But there are also some winners, from first-time home buyers to stylists sprucing up dwellings to get them camera-ready for sale. Here are five groups getting ahead despite the downturn:

First-home buyers

The downturn has made homes more affordable for first-time buyers – usually younger people who feared they would never get on the property ladder as prices surged as much as 75 per cent during a five-year boom that peaked in mid-2017.