Buying real estate is becoming more of a family affair with estate agents reporting an increase in siblings co-financing mortgages.
Agents say brothers and sisters purchasing together now make up 10 per cent of traffic at open houses and inspections.
The trend, which has grown in the last three months, allows buyers to afford properties that would otherwise be beyond their reach on a single-income, agent Silvia Vitale of Laing + Simmons Potts Point said.
Ms Vitale said that siblings were buying mostly as an investment. "It's like running a small business,'' she said.
Oceanfront units at Cronulla, which sell for between $500,000 and $600,000, were popular among sibling investors, Highland Property Agents director David Highland said, adding: "It gives people an opportunity to buy into a desirable coastal suburb that they wouldn't otherwise be able to afford.'' Reproduced in part with permission: News Limited Network Mortgages made relatively easy
28 January 2013
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