Sydney and first home buyers

Here we go again.
This bloke is having a moan (via the Sydney Morning Herald) about losing out at an auction for his first home - a one bedroom flat in Coogee. His ceiling was $700K and the flat went for $890K. It's about 400 metres from the beach, so no surprises there.
I can empathise with the pain of him missing out on a property you really want, but that's as far as my empathy extends.
The journo, Jenny, is a member here. Jenny, I want to know whether at any time in that conversation you had with that bloke whether you slapped him around the head and said, 'Look, you dill, take your $700K about 5 klms inland and you'll be able to buy a two bed flat - probably with a garage.'

Help for Sydney’s first-home buyers ‘inadequate’ as entry-level properties push past NSW government threshold

 

Don't cry for me Argentina. I agree that the fellow and his gf should consider alternative options.

 

Must've been an interview with @Ald

 

I think it's a great idea the NSW gov puts a cap on the stamp duty concession for fhb's.. if a fhb is young professional (as per the domain article) on less than $100k a year and they want, not need, a first home for more than $650k (entitlement mentality), then that shouldn't be encouraged/subsidised by the gov.

 

Still like Singapore's model... seems to work well.
Is the Singapore Housing Model Right for New York City?

 

890k for a 1 bedroom apartment

 

This never ending affordability issue for FHO! Would it go away already!
Stop trying to buy within a stones throw to your $40 smashed feta and avocado breakfasts
and $15 craft beers and realize you need to START on the bottom of the property ladder, not on top.
It's just laughable this type of media articles now.

 

I'm pretty sure a one bedroom apartment is the bottom of the "ladder". Maybe he should buy a parking spot and pitch a tent on it and hope to "upgrade" in the future.

I can understand making a big deal if he was wanting harbour views or something but the apartment in question is hardly special. The lounge room is only 10sqm!

Sydney property prices have made people lose perspective on the value of money. I can't get my head around that something like that sold for almost one million dollars and the problem is that young people apparently have high expectations.

 

Yeah, well they are the ones stoking the fire a lot of the time.


I have met plenty of people with that mindset, some have been telling me for over 20 years that it is all too hard, too expensive, of course, they want prime Eastern suburbs positions or inner city.

 

First home. In Coogee.

Maaaaaate.

 

Not sure if we should bash the couple given sometimes journalists just come up to losing bidder and ask them as few questions, and then take a quick photo with them. Then next thing they are on paper and journalists can put those couples in good or bad light depending on how they write their article.

 

Reading all the way through Jennifer's article and the related one which shows stats from various suburbs, she goes on to discuss stamp duty and other things. I guess if she selected an average joe at an auction on the western side of Sydney in the $500k suburbs, the article wouldn't have had such pretty pictures to use. That Coogee apartment is really nice but given the desirable location it simply is not an entry level property for your average income earners.

 

But even paying $600k plus in no name suburbs for a 1 bedroom apartment was unheard of a few years ago. Now it's not abnormal. Before the boom you could have snagged a decent 3 bed house on a block of land in a reasonable middle ring suburb for that much.

Sydney’s one-bedroom apartments becoming out of reach for first-home buyers

I was watching Selling houses Australia last night on 7 two and at the time the episode was filmed the median priced homes in Glendenning (near Blacktown) were priced at high 3's. Those houses looked really good.... That episode cant have been that old...

 

I moved to Coogee in 97. You could buy a solid 2 bed apartment with LUG and balcony walking distance to the beach for $220K. Was about to buy, but it felt a bit exy.

 

@Jennifer Duke , tell this guy to curb his enthusiasm and buy a bit further out.

In this Sydney market, 700k should buy him a nice cardboard box in the middle of the Hume Highway at Lansvale, although he might need to park his car on a side street and have no aversion to noise and pollution...

 

There would be dozens and dozens of 1 bed flats that have sold recently for under $700K in and around Randwick. That smack bang in the middle of the Eastern Suburbs - just not walking distance to the beach. A few kilometres west, and he could add an extra bedroom and parking and get a flat for under $700K.

 

S06E05 - 6 March 2013 (airdate) most likely filmed 6 months prior.

 

Doubled or better.

 

Not good enough mate . Needs to be 2min walk to the beach with all the nice cafes around .

 

I think it's ex for a 1 bedder but market dictates the price of the property. better to move on and get something he or she can afford.