Price (Anthony Pryce), 74, became one of Australia`s oldest first-time buyers. (photo of property website Realestate)
A former Sydney resident was denied a home loan several times, but after more than a decade of hard work, he finally bought his first home at the age of 74, making him one of the oldest first-time buyers in Australia, according to real estate website Realestate.
Price (Anthony Pryce), 74, is known to be one of Australia`s oldest first-time buyers and may be the oldest beneficiary of new state first-time preferential policies.
Price said he tried to buy a house more than a decade ago but found it difficult to get loans in part because of his age.
He revealed that he was afraid of being shackled by real estate when he was young and had never thought of buying a house. It wasn`t until 15 years ago that he started thinking about it, but many banks refused to lend it, or banks willing to offer it had high interest rates, so he failed to do so.
This time, he managed to buy property by offering higher savings and benefiting from falling housing prices, as well as from government`s stamp duty concession for first-time home buyers.
In addition, he is more relaxed about the location of the property. He used to live in the (Nowra) area of Nora, but this time he bought a property in a rural town north of (Dubbo) in Dubok.
Price said he was very excited and kept asking the seller if he could move in as soon as possible.
It is understood that the average age of first-time buyers in Australia in the early 1990s was 27, and by 2017 it had risen to 31. The average age of first-time buyers in Sydney is close to 38.
