When was your first purchase?

First property was a little workers cottage at the end of 2011 for $412k. Is in Salisbury Brisbane. Spent $150k on it. Recent bank val of $625k but still havent finished the reno. About $80k more to spend.

I was on about $72k pa at the time of purchase and wife was on about $40k. I was 25 years old.

 

24 years old - in 1985, and it was a PPOR.

First IP was in 2001 - aged 40.

Lots and lots of wasted years in the dark, unfortunately.

Anyone who is here on this site, and who is under 25....CONGRATULATIONS!!!

You will be wealthy enough to retire by aged 40.

Couple of details - up until aged 23 years of age I was absolutely broke...playing Pro Golf tournaments (badly) and working for less than average wage in various Assistant Pro roles at golf clubs - all while renting, or boarding in private homes.

Got my first business running a Pro Shop at aged 23, and worked it solo without a day off for the first 15 months.

Went from broke to saved enough for a deposit on a PPoR in that time, and bought. - Purchase price was $76k.

 

That's some nice equity in a pretty flat market - did you reno?

 

Nice! I'm 24, can't wait to be wealthy just need to hold down a steady job for a bit.

It's great to see how successful you've all been even despite all the setbacks faced.

 

2011 - 20 years old 3bd house in adamstown for 385k 46k deposit first home buyers grant
was 7k plus freestamp duty saved me nearly 20k still same tenant from day 1

 

1995 bought a block of land in Sydenham, VIC for a PPOR. $55k for 660m, WOW. Built on it the following year for $150k. Partner and 2 step kids at the time, family income at the time was around 90k.

I bought my 1st IP in 2010.

 

@Jess Peletier

Haven't renovated the property yet, the property value went up $25k and I accessed some of my initial deposit, initially used a 20% deposit so I took it upto 90%.

 

PPOR in 1984. Still reside in it today. IP's from 1990 on.

 

6 months ago on my 25th birthday 700k house 300k deposit.

 

How did you manage that??

 

I thought you were an Adelaidean!

 

I knew from a young age that buying a house wasnt going to be easy. So when I completed my apprenticeship I headed straight to Wa and spent around 3 years of hard saving.

Yes I had a very good job.
I didnt waste money on holidays and cars until now.
I saved everything I WAS NOT given a single cent. I seen that there was opportunitys out there so I took them.

So yes for the people saving for there first house it can be done with a bit of sacrifice.

 

No, Perth born and raised. Both sides of the family are from Adelaide though, which helped the decision to move back.

 

Has anyone here struggled with employment and still managed to build a property portfolio from a young age?

 

I have just bought my first IP. I am 23 years old and on 50k a year.

I bought a 3-1-1 house in Maroochydore on the Sunshine Coast for 400k.

Now to knuckle down and start saving again for IP number 2!

 

1993 aged 23. Income around 27K. Bought a block of land in new suburb and built a house on it - cost all up around 120K. Sold around 2000 for 195K. In 1993 had just got married and wanted to have our own home - hubby was a carpenter and we did a lot of the work on it ourselves. Best thing we ever did.

 

2010, I was 26. Gross income is $50k..

Bought 3BR house $400k at Guildford NSW. I saw market was desperate, but at the same time saw Parramatta and Liverpool are building offices and infrastructure. We literally bought when everyday news is shooting in merrylands and surround.

We use first home buyer and live there 11 months.
Since we move, its positive cashflow and always rented out. Last valuation these year was $750k

From there I've draw down equity every year to invest elsewhere.

First IP was 2012, 2BR unit at Guildford NSW - $320k. Positive cashflow after tax return on first year. But since then always tenanted and positive before tax.

 

2005 22years. income 55k
Penrith 290k 3x1. Wanted to buy to "invest" and bought there because I knew the area.... but didnt know what time it was! doesn't matter now, bought in the best street in the greater west and have lived there for a bit, might go back again yet.
It's good to look at the positives I have seen the cycle go full swing now! done a reno and rented it out for 7 years

 

I made a topic like this on Somersoft ages ago. It was REALLY insightful.

Interested to learn more about the demographics here.

Age: 25
Year: 2010
Paid: $313,000
Income: $50,000

I bought because I did the numbers and knew that:

• House prices would rise faster than my income would even in a dead slow year
• My mortgage repayments would become less than rent would be within 5 years
  
• I'd own an asset and be able to use it as a foundation to reaching financial independence
• There would be years that the property would increase in value as much as I earned working full time

The apartment itself was a ripper despite having a dates kitchen and some imperfections – 1 bed, floor to ceiling windows, no common walls, great strata complex, transport and amenities moments away etc.

 

1998 QLD'er on 405m2 in Coorparoo in very run down condition. $105,000. I was on $28k a year.