Some advice for you:
- Give up and rent, don’t try to buy now, because you’re competing against “investors”, often from overseas. (All the vacant “investments” demonstrate that homes are no longer to live in!)
- Alternatively, try purchasing in the (admittedly sometimes soulless) outer ’burbs, where a house and land are a bit cheaper.
- If you want to wait a little, affordability is about to improve in a very BIG way!
The current situation would not have arisen, of course, if we had an all-in federal land tax, as recommended by the Henry Tax Review. That would curtail land price “investment” bubbles from forming in the first instance. (And we know the term “bubble” connotes a bursting.)