Young Investors - First Property

Discussion in 'Investor Stories & Showcase' started by Mitchell.Ellis16, 14th Oct, 2019.

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  1. Mitchell.Ellis16

    Mitchell.Ellis16 Active Member

    Joined:
    24th Jun, 2019
    Posts:
    40
    Location:
    Madora Bay
    Hi Guys

    Curious to hear from some of the younger first home buyers in the group and hear:

    -What and where they purchased.
    -Why they purchased.

    Personally myself I was 22 and renting a townhouse in Mandurah, Western Australia (hour south of Perth) which was setting myself back about $360 a week.

    In the end I decided to purchase my own property in November 2017 as I work away half the year and felt paying rent was a waste as I wasn't home half the time to even enjoy what i was paying $360 a week for.

    I ended up purchasing a 7 year old 4x2 in Madora Bay on a 717Sqm block for 435K. No real thought process behind it other then I liked the area (Use to live in the suburb during high school days), and it was one of the nicer beach side suburbs in the area. I've been lucky in a way to avoid any kind of loss considering how Perth is going and its seemed to pretty much stay around the purchase value.

    Keen to here from some other people.
     
    Jess Peletier likes this.
  2. Archaon

    Archaon Well-Known Member

    Joined:
    20th Mar, 2017
    Posts:
    1,896
    Location:
    Newcastle
    I bought my first property in 2008 as a 19y/o.
    3/1/1 on 764m2 in Thornton NSW.

    Subdivided and built a new house ($250k) on 327m2 in 2017.

    Sold the existing house untouched for 345k. September 2017

    Then the new one a 18months later for 470k. May 2019

    Good growth in the area.
     
    Codie, Mitchell.Ellis16 and Pumpkin like this.
  3. spludgey

    spludgey Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,105
    Location:
    Sydney
    Bought a house in Umina Beach NSW for $325k in 2010 aged 28. Now worth approximately twice as much.
    Nearly 800m2 block, zoned medium density and I'm planning to develop it in the future.
     
  4. Mitchell.Ellis16

    Mitchell.Ellis16 Active Member

    Joined:
    24th Jun, 2019
    Posts:
    40
    Location:
    Madora Bay
    Not bad going at all. Any reason why you picked the area back the ?
     
  5. Archaon

    Archaon Well-Known Member

    Joined:
    20th Mar, 2017
    Posts:
    1,896
    Location:
    Newcastle
    Family lived in Thornton.

    Central to Newcastle/Maitland/M1 Motorway/Commercial Properties in the area.

    92.5% loan, no stamp duty, FHB $7k it all took to get me into property.
     
    MaddyG likes this.

The shift to the regions has been quite profound with Millennials and Gen X leading the way. It seems affordability, lifestyle, and working from home have been the key drivers from which these generations have been able to take most advantage.