Mark Bouris, Sydney, Melbourne property market: Businessman's real estate advice

Mark Bouris, Sydney, Melbourne property market: Businessman's real estate advice
Mark Bouris, Sydney, Melbourne property market: Businessman's real estate advice
Rent money ISN'T dead money and DON'T rush into buying a house: Businessman's surprising advice for young people thinking of breaking into the property market Australia's median property price rose by 21.6% to $686K in the last 12 months Entrepreneur Mark Bouris gave blunt advice for young home buyers on Tuesday Sydney's average house price has risen by 30.4% to $1,333,767 New data shows the fastest annual increase in house prices since early 1989 With a 20% deposit of $266K, a borrower is most likely unable to pay off a $1.067million mortgage 

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Prominent Australian entrepreneur Mark Bouris has some blunt advice for young wannabe homeowners: don't bother - at least until you're older.   

The country's median house price surged more than 20 per cent putting the dream of owning a home seemingly out of reach for many young people. 

But Mr Bouris said there's no reason to rush into the market as it's actually more affordable to rent a nice house, than to buy one.

Buying a home is a huge investment that Mr Bouris hopes younger buyers have fully considered, based on where they may be in life.

Entrepreneur Mark Bouris (pictured) said house prices are rising faster than young people can save for their deposits, as Australia's median house price rose 21.6% to $686K in the 12 months to October 2021

Entrepreneur Mark Bouris (pictured) said house prices are rising faster than young people can save for their deposits, as Australia's median house price rose 21.6% to $686K in the 12 months to October 2021

House prices keep surging in Australia 

SYDNEY: Up 30.4% to $1,333,767

MELBOURNE: Up 19.5% to $972,659

BRISBANE: Up 24.8% to $731,392

ADELAIDE: Up 22.5% to

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