When was your first purchase?

Many contributing factors! Most of my studies have been .75 load. I have been consistently employed since grade 11. Being a non-drinker/non-smoker helps. I have only just started eating out! I have historically not enjoyed eating out after being a waitress for a few years! I have always been a good saver but the main reason why my savings are so healthy is that my casual employment is really well paid and there is a strong demand year round. Out of semester I often work six days a week (taking Friday's off), which involves some GREAT penalty rates! The trick is to work so hard that you are too tired to spend money on your time off!

Edit: Oh... and not paying rent!

 

2008, 19 Years old, income of around $40k/pa at the time.

$195,000 - 2bed 1bath apartment in Lidcombe NSW.
Currently moved back in as a PPOR and renovating. Will rent for $410 per week when i put it back in the rental market.

 

There ya go, I must have paid at least 50k in rent since I moved to Adelaide. Nice work though!

 

2007, 24 years old, on a 50k salary.
Was an OTP purchase circa 350k. Probably worth about 400k now. In hindsight probably was not the greatest buy, but you live and learn, right?

 

Year 2004, age 26
First ppor Mumbai, India
Bought at 800k INR (26k aud @ 30 INR exchange rate)
Current value 7 mil INR (142k aud @ 49 INR exchange rate)

 

And they say our houses grow to fast! 10 years and like 8x the original price! Without exchange rate

 

Year 2009: Fairfield NSW
Age: 26
Paid: 500k
Salary: 50k + 60k (partner)
Still have it today worth: 800k.

 

2009
Age: 23
Salary: 60 k (including super) and partner was a student
Property: 2 bed unit in inner SE Melbourne. Paid 350k for it and have spent about 10k in renos, last valued at 480k. Nothing spectacular but it's been good.

 

1992, Aged 22
Bought in Armadale WA for $62K. Sold 3 years later for $72K
Wage - $30K still living @ home with parents

 

2005, aged 29. On $85K salary
2 bed townhouse in Leichhardt, NSW paid close to $450k
Still have today, neighbouring property in complex sold recently for over $800k

 

Bought PPOR on sunny coast for $440,000 last year, i was 25 on $130,000

 

First purchase was a studio in the 22 great western highway complex in Parramatta after it was strata'd from being a hotel. Paid I think 108k in 2001. Sold it in 2004 for 165k to buy first PPOR.

I was 22 and earning 50k.

 

In 2001 we spent 184k on a 2 bed 1940s blue mountains renovator (ppor). Sold it 2.5 years later for 315k. Hubby and I were on about 35k each. We were 24 and 25.

 

2000, Runcorn Brisbane, 143k for new house&land.
Income was 80k.
The broker at the time said I could lend about 510K. I was like WTF do I want all that money for. Fear struck me down. I could of purchased 3 back then. Live and learn.
I now use fear as some sort of green light to go ahead and take action.

 

I was 25.

In July 2014 I bought a 3/2/2+double carport house.

My gross income was 62k (single) from a part time job.

I bought the house off my grandfather's estate as it needed a lot of cosmetic work (carpets full of urine, fluro blue and green walls). Bought for 384k but valued by the bank at 425k for borrowing purposes. As I wasn't really in a position to buy without LMI, it worked out great because I was able to use the market value that was over and above selling price as equity so I didn't have to cough up a full deposit. It was an added bonus that as it was family to family there was no real estate fees payable so the estate let me buy at a price taking into consideration the fact that they didn't have to pay real estate commissions - they just wanted rid of it.

 

GASP!!!! 50k in rent!!!!! I have paid rent for 9 months of my life (in a share house).. Less than $100 a week.... So about 3.7k paid in rent (plus I was eligible your rent assistance back in the day)! Now my total rent is half of the power bill (and helping out around the place)!

 

Nice! Sounds like a good deal. I moved out when I was 17 so that I could go to uni. I'm now 24 so thats 7 years of rent. Plus I haven't received any financial help from anyone, I don't exactly come from a rich family.

 

My wife (then Fiance) and I bought a 50 year old house (but in decent condition) on 700sqm in Ardeer VIC in 2009 for $255k - right place at the right time. Combined income then of roughly $120k from memory. I was 31 and my wife was 29.

We subsequently developed in to 3 dwellings and it gave us the best start to our lives we could of asked for thankfully.

 

2004
Property: OTP, Studio in Epping NSW, finishing in 2007. Purchased for $340,000
Age: 20
Salary: I actually didn't have a salary when I paid for the deposit and endeavored to get a job in the next 3 years. Quite risky looking back. Only just got financing through Homeside (NAB Broker) with an income of ~$40,000 when I was 23. Remember it being very difficult as the studio was less than 49 sqm.
Today: Had this revalued last year at $400,000 so 10 years growth for $60,000. When they say all property prices double every 10 years, it's definitely not all properties!

So many good lessons from this first purchase. I've made my fair share of mistakes

Cheers,
Michael

 

One of the many reasons why I wouldn't touch OTP or units. Do you still hold the property?