Buying in Sydney is impossible

It's becoming less and less affordable for FHB to get a foot in the door in Sydney. Average ages of FHB is becoming older, with many being in their 40's.

Linky

Apparently, it takes discipline, hard work and savings.

 

Im surprised the government has not started some sort of super saver acc for school kids that want to buy a house once they start work full time, all tax free from working at Maccas while they are still at school, and would be a great way to try and stimulate the housing industry.
Mum and Dad could even help them out with an arranged marriage ,by the time they are twenty they would have two joint incomes at work and ready to buy their first home , just requires discipline and not having very high expectations about what they really want to achieve in life.

 

Well done to her. She's planning to save an additional $100k by the settlement date, which is 12-18 months away. Not bad at 18 years old. Just shows hard work is all you need!

 

I'm surprised that she would even earn 100k in 12-18 months working at a cafe and doing personal training!!!

 

It was her goal.... It would have come at the expense of school results and there's no way I could have coped with the workload she did.
But kudos to her.

 

Obviously, this is a brand new phenomenon.

When I started out, it took ill discipline, laziness and no savings. So easy back then .

 

Congrats to her! What a focussed young woman.

I can't help but think though...660k for a 1 br?! *Gulp!*

 

The phrase "People Who Say It Cannot Be Done Should Not Interrupt Those Who Are Doing It" comes to mind. (not a Chinese proverb )

I remember being surrounded by dozens of FHBs at a potential IP open, when I overheard one of them saying "it's only 770k, that's cheap for a 2-bedder"

 

A focussed young and hardworking women who has thrown all of her money into a one bedder in sydney.... damn

 

And an OTP one bedder at that. Mind you she is only 18 so she has time on her side.

 

I want to send her a marriage proposal from one of my sons.

 

Bugger my son, I was going to send her a marriage proposal from me

 

You are a wicked man, Mr K

 

Well if it's a PPOR, that's not too bad and though one and two bedroom apartments are in pretty serious oversupply in many suburbs, she's bought in a central suburb and she seems to have a steady income. I don't know if she'll make her money back over time, but that might not be her goal, and even if the market keeps sliding... well, at least she didn't buy a tiny million dollar apartment in outer western Sydney or somewhere ridiculous.

 

I don’t know, sounds like Domain advertising OTPs


Plans to save 100k in 12 months but the 20k stamp duty saving was a massive help? Something doesn’t add up.


Save the 100k first then buy an established property.

 

Why is it the role of Government ? There are so many schemes now its crazy - State grants and duty concessions etc. Wasnt there when we bought our first home and it was going to cost 8 x our joint family incomes at 12.5% interest. Now my kids can buy a house for 3.75 times salary and with grants and concessions.

Next a scheme to help them buy a car ? Go on holidays ?

Savings have always been a choice.

 

It's called 'Afterpay'.

 

Trend in young gun property investor stories:
Previous years:
- Couple buys 20 positive cashflow properties in 2 years
- How one person built up a small portfolio
Now:
- How a teenager gathered a deposit for an OTP
- How a millenial owned 5 properties via Brickx

Future:
- Toddler has ambitions of owning a home
- Brickx account created for foetus

 

Discipline eh? Much easier in my day.

My properties just fell into my lap.

 

"Samantha is also fortunate to live at home rent-free and thankful that she was able to run boot camps for her father’s personal training business from a young age, as she made well above the minimum wage other high school students relied on."