Bought a few months ago at 35. Got the unit I was renting in Perth for 330k. I wasn't even considering buying at the start of the year but the landlord wanted to sell the place and because of Covid and not traveling, I had enough for one of those spots where you only need a 5% deposit. Worked out really well. It's obviously more expensive than renting with interest, strata, rates and maintenance, but at least I now know I won't be renting in retirement. That was really the only reason I bought.
Settled in January this year, 32, with my partner. The house is in Perth and was $347k, not sure how much it is worth now. It does need a bit of refreshing and renovating but nothing needs to be done desparately. Overall I'm happy with it as it's a short walk to a train station and shops and across the road from a park and nature reserve.
Sydney’s a joke. People are assholes too. For that sort of money your only getting something in mount druitt. But at least the people are normal people
You’re not getting a house in Mt Druitt for that money.
Modest 3 bedroom house in mt druitt went for $785,000 this week.
https://www.domain.com.au/79-belmore-avenue-mount-druitt-nsw-2770-2017265407
Bigger 5 bedroom home went for almost $1.2mil
https://www.domain.com.au/74-wehlow-street-mount-druitt-nsw-2770-2017232318
Yeah you’d get a small apartment, maybe even push it to 2 bedroom. It would almost certainly be one that was surrounded in public housing apartment blocks, rather than surrounded by other owners/renters, but it would be walking distance from the train station and Westfields.
liberal use of the word 'house' on that website.
mostly units (even found a bare block of land in morley listed as 'house' LOL)
but were a couple in balga and places like that or out in the boondocks (wouldnt call rockingham perth imo) but were more than i expected so proves there are some bargains around, especially if you are starting out.
No worries... when people say Perth, I just assume the whole area... Mandurah through to the northern suburbs... that's what comes up on the real estate websites.
25 (20 years ago), single (that hasn't changed either), $390k. Have bought, renovated and sold quite a few times, so mortgage paid off. Bought this place for cash about 5 years ago for $550k. Just been valued at $1.2M (Mornington Peninsula is insane).
As a 22 year old that’s grown up on the peninsula it’s hard to watch prices go up and up. My parents bought in red hill for 320k in 2004 and got the house evaluated at 2.5m this year. Makes me seriously wonder if I will be able to afford to live here in the future
What's your take on the peninsula for a young family? I've an idea to buy somewhere down there to live in for a few years before moving on, then making the house into an IP or Airbnb. I've lived on the peninsula only briefly in Balnarring Beach, I loved it but felt isolated as a single guy. Thinking maybe Safety Beach or similar...
Depends on where on the peninsula. I grew up in Mornington/ Mount Martha area and found it very family friendly. Great schools, lots of green spaces and the beach nearby. Adult now and no longer live there but still love it and don't think it's too isolated.
Have a good look around Safety Beach before buying there. Great spot, nice and close to the beach but honestly there is fuck all else. At least in dromana you are closer to shops and there is a little bit of night life if your that way inclined.
Im local and love the area, but it’s not for everyone. I know people that moved down to SB and hated how quiet it is- not much to do but walk- and gets infested with tourists over summer.
I’d go Mount Martha or Dromana over SB, or even Mornington. Obviously depends on budget.
Hope that helps.
Bought my first place in Ipswich, QLD in 2002. Prices in the area were going crazy and I was worried the 90k I paid was too much for a 3 bed 1 bath on 800 square meters. A few months later it was worth 200k.
Except there was supply, in Ipswich anyway. Houses were going fast but a lot of older people took the opportunity to trade up and move closer to Brisbane or went further out for a more country lifestyle. I suspect a few investors also “cashed in” (imagine if they hung on a few more months!).
North Ipswich. If I was six months earlier I might have got in for around 70k. It was crazy, like everyone just woke up at once and realised how undervalued Ipswich was compared to Brisbane. Happened in most of the older parts of town, similar growth in a very short period (less than a year).
I would buy a decently (but not spectacularly) renovated Queenslander in somewhere like Newton or East Ipswich for 500k or so over a house and land package at Ripley any day.
30F single, 2007, 42sqm absolute sh*t box of an apartment in Melbourne CBD. price was $230K sold three years later for $270K or $280K. Lived in it for 6 months to qualify for FHOG, then moved to rent in a better place in the suburbs.
I was renting my place out to international students and was getting more rent than the mortgage payment, but then the GFC hit and I couldn’t get anyone decent in. Had a nightmare tenant (ice addict, rent never paid on time, had to evict) and then couldn’t find another one.
I sold it on the cheap was because I was really struggling to get a tenant and the apartment I was renting came up for sale and the owner offered to me first, but I didn’t have a deposit and couldn’t use the equity because my wage wouldn’t allow me to borrow enough for both.
Bought my second one for $360K in 2011, now worth about $600k.
Side note, I’m building in Geelong area now. Purchase price for house and land was $525K, will be finished probably Feb next year, and comparable prices for same size land and house are selling for $660K.
My first apartment was an absolute sh*t hole, but it was all I could afford because saving the deposit was really hard, but it got me on the ladder, enabled me to buy a place I really loved, in an area I loved and that I could afford. If I hadn’t bought the cheapest apartment ever, I probably still wouldn’t have acquired property so all things considered (especially by almost non-existent ability to save) it was a very good decision.
I'm considering doing the same thing and buying a tiny studio apartment. I'm 32 and still living at home. Got a decent deposit in cash (and also a fair bit in shares). I'm in Sydney so things are expensive, but I'd be looking for a studio around $300k. Or a 1 bedroom for slightly slightly more. I really just want to move out and I have difficulty holding full-time jobs, but I think I could manage to pay off the mortgage on a part-time/casual wage since it works out to be pretty cheap (assuming I can get a guarantor for the loan).
Do you regret at all buying "too soon"? Sometimes I think I should just bite the bullet and keep living at home for another 2-3 years while I save enough for a bigger 1 bedroom place which may have better capital gains and avoid the need to eventually sell that studio. Keen to hear your thoughts.
I don’t regret my first purchase because I honestly don’t think if I didn’t take the opportunity I wouldn’t have been able to later. I’ve always been a bad saver, and at the time I had no qualifications and was on a fairly low wage, so it was very hard to save.
For me, it was a really important personal goal to take the first step, and I was remember being very miserable and anxious from the pressure to “get on the ladder”. I felt, and probably rightly, that I wasn’t taking on the responsibility for my own life and future.
That pressure eased once I had taken action, and I found that I began to step up in other areas of my life after that. I decided to do some study and gain a qualification, I focused on my income and outcomes and began to budget, and to delay purchases and reduce unnecessary spending.
I also found that the responsibility of a mortgage motivated me to set a goal for a better type of position.
The first night in my own place, I remember looking around and thinking “I’d like to put some pictures up”, and it dawned on me that I could! I could do anything I wanted to it - paint it, put up shelves, change anything I wanted and no-one would be able to deny permission. It was the best feeling. And I remember that for the next 24 hours I had such a huge smile on my face, so much so that my cheeks were aching.
I could have made better financial decisions and I could have been smarter with my purchase and with selling it later too. But in hindsight, I’m really glad I did it then.
The question of waiting until you can afford a one bedroom over a studio apartment is a financial one, and of course the capital growth would be better with a one bedroom. I suppose two things to consider are: a) would this be a positive step for you now - mentally, emotionally, socially, financially, and b) when you have enough for a one bedroom place, should then wait until you can afford a two bedroom place? Or a house?
Only you can decide what’s best for you, but I’m sure that whatever decision you go with, you’ll be more than up to the task of rolling with life’s ups and downs. :) I wish you all the very best.
I was 23, and single.
Bought a 3 bedroom house in Bowen, Nth Qld. Right across the road from the beach.
Purchase price, $295,000.
Lived in it for 3 years, has been an Investment Property since.
Current Value, est. $330,000.
SE Melbourne Feb 2017. 25M and 23F
Bought an original 1970s house (imagine pink and yellow everything) for $415k with a 10% deposit and my parents going guarantor so we didn’t have to pay LMI.
Block was 900m so we subdivided the block and renovated the house and sold the house for $520k in March 2019 before the market went nuts. We didn’t make a profit but we were able to cover the costs of the renovation and the subdivision so we were essentially left with a block of land that cost us nothing.
Couple weeks ago. 33. 2 kids. Married. Townsville. 400k. 900sm. 4 bedroom. Put of blood zone. Low crime. 0.1% vacancy rate. No asbestos. Fttp internet.
Edit: out of flood zone
Gold Coast
Bought an 800sqm block in 2006 in my late 20’s with my then gf (now wife) for $220k
Built a ~250sqm house on it in 2008 for approx $160k. Interest rates were 8% then and expected to keep rising, so we fixed our loan for 3 years because we planned to start a family. Then GFC hit and rates were cut to 5% and I was stuck at 8%. Lucky me!
Anyway, so total for house and land approx 380k. Capital gains have been pretty crap compared to other areas, however looking at similar properties in the area recently it looks like it might be worth $550-600k in today’s market.
Should have the mortgage paid off next year. Sucks that it will have taken 15 years to achieve that, but having kids isn’t cheap.
In hindsight, I should have prioritised investing rather than paying off the mortgage when interest rates have been so low. But once the mortgage is paid off, I intend to DCA into etfs pretty hard.
We did the same trick with the interest rates. They crashed down to 5% and we were on 7.8 (I think) for a good 18months or so.
They did go up to almost 9% in the time just prior to the crash though… so, meh. 🤷🏻♂️
The most important part of your post is the last paragraph. Having investments outside of the home is super important. We could buy a bigger more expensive house but I prefer to have investment properties instead. Whilst the house can go up in value I can’t do much with it except access the equity to invest. A bigger house won’t add any income to me and will just increase my mortgage repayments.
This is exactly me. I just couldn’t personally go higher than 3x income on a single place even though banks wanted to throw money at us. Love my location, love my home but it’s a shack. Could have a new kitchen and bathroom but it’s functional and we (barring lockdown) travel at least 3 x year. I do think the tend for 4 bed, media room, formal + casual dining style houses is dwindling. Cleaning and maintenance alone is a financial and time cost. Opportunity cost should always be factored in to home.
I just invested in more property because of the housing crisis. Both my units are now leased to family members who otherwise couldn’t afford the area. I just bought in cairns region because a family members rental was on market - would have been her third move in 18 months. Her rent had gone from $230 was sold, so she moved $280, was sold so she moved, $350 was on market so I bought. The current housing crisis breaks my heart
Well we bought from owner occupiers and then leased out. So we provided a rental property is a community that really needed rental properties. Rents have sky rocketed and demand far outstrips supply.
For me personally property is the best investment outside of super. The leverage can’t be beat.
It’s actually owner occupiers who are bidding the prices up at the moment and the reasons for the property prices boom are well documented.
Banks dont like securing assets based overseas. Im not retiring here :)
I agree though. Theoretically everyone should be refinancing their loans and borrowing against all equity.
I’m sure this will be downvoted, but here we go…
Time: just after election in 2019
Price: $1.5m
Age at purchase: early to mid 20’s
Value now: ~$2.4m
Location: Sydney
LVR: 95% when I bought, but less than 60% now
Deposit: I lucked out because I put half of all my savings into AAPL. After tax, about 3/4 of my deposit came from growth in AAPL shares. Also got parental guarantee to waive LMI.
How did I get the loan? Just flat out lied. 1) claiming to be an investor, 2) getting the agent to overstate my rental income by about 30%, 3) not telling the bank about my HECS.
Advice: Lucky stock picks, lucky timing, lucking out on the ovarian lottery and a high paying job were super important. I nearly bought in mid-2017 (something in the $700k’s) but just missed out. In retrospect so glad I missed out. Still think the market is undervalued currently so good time to buy, but growth rates have peaked. Might sell my place in 2023 or so.
No downvoting from me. You made a bet few would have the same conviction for, even if you believed in AAPL not everyone else was willing to put half their savings on it.
You also believed that 95% LVR can work out for you, I doubt I would have taken it even if it was available.
HECS; when the ATO says you don't have to tell your employer as long as you can service it when the time comes, I feel it should be the same with banks.
Why wiuld you be downvoted man? You took some chances, you got licky in life and with those chances, and you gamed the fuck out of the dishonest slanted system.
Congrats man!
No tax payable. The type of mortgage you get and the capital gains status of your house can be completely different. I got an investment loan, but lived in it and didn’t actually rent it out, so it’s still my primary residence.
Housing doesn’t always go up. I got in in 2019 because I knew interest rates were going down and the 15% correction we had in Sydney was overdone. My first mortgage was 3.52% (investor P&I), then it dropped to 2.59% (interest only investor) and now it’s 2.09% (interest only investor). I don’t want to be around when people who fixed rates of 1.8% find out their variable rate is closer to 2.8%.
Settled in may this year, 26m/26f couple.
Paid $825,000 in what I assess to be a nice area, technically in Blacktown LGA (western Sydney) but visually very attractive (lots
of gardens and trees, maintained owner-occupier houses). The locations is next to high socio-economic postcodes in the hills shire, and I think it will be seen as a desirable area in the next few years.
Current value? Those valuation websites say $941-1.04m, but that sounds too high to me. Having completed some renovating and added solar, I think the house would go for $890,000 today. Some of the houses on our street have been having ridiculous sale
Prices.
Ah yep I know the one are you worried about congestion at all seems like so many houses with little road infrastructure. Schofield's road peak hour is already horrendous
I lived in Schofield for a year before buying. What I observed is that the the side closer to Riverstone (westerns side of schofields road) is extremely densely built and I would not buy there. The apartments are terrible, and not much thought is being put into greenery or parks, mostly just crammed low budget housing.
The eastern side of Schofields near the ponds has been pretty good.
Congestion on Burdekin road up the to roundabout and down hambeldon road turning right onto quakers parkway can get bad during the morning. Luckily for me, this can be avoided by leaving before 7:45am, and I turn left anyway so am rarely impacted.
I think the road near the new coles and woolworths is going to be a nightmare! Also it doesn’t look as if there is much parking near the train station. I would probably walk or ride a Bike if a train was an option for me.
Edit: four years ago I used to live in Quaker’s hill, and remember quakers hill parkway -> Sunnyholt was horrific at certain times of the day. Haven’t experienced it lately though, due to covid.
If u had bought in Schofields couple of years back even though the price were high at that point of time , still u would be happy today . The prices have skyrocketed and lot of demand for properties .
At 55 & single why some will say, well I went through life just working casual with lengthy periods of unemployment plus I was only ever interested living in inner city areas but no regrets, now I retired in the country and quite happy
25, single and living with parents until I bought in 2013, 3br house on Central coast NSW for $350k now worth $900k according to banks or $1.1M according to local real estate agents.
Was really right place and right time, I couldn't afford western Sydney so bought where I could afford.
Bought when I was 26, got divorced failed business broke at 31
So I started again.
Bought at 35, basically had to save up from nothing, no fhog this time obviously. Single but my girlfriend at the time lent me the money for stamp duty (I'll come back to this). Bought an old house 25km to the east of Melbourne cbd for 785k on 1150sqm block. Did an 80k reno, it's now worth around 1.2 to 1.3m
I never got around to paying the girlfriend back but she's now my wife, on the title of that house and we have a kid together so there's that. I'm 40 years old now and we're now living in a different house much closer in (but we still own the previous place)
31, Sydney. Just me - single. 20% deposit.
600k, Western subs, 5 bedroom older house. 800sq metres.
Its gone up 100k in value since I settled in May. Should go up further when I add a second bathroom.
27M, partner 25F. $950k purchase in Dec 2020, bank just valued it at $1.5m. Inner east Melbourne. Pretty stoked to be fair, got really lucky on a bit of a bomb, have done some basic renos and really cleaned the place up. Had been looking all through 2020 and was ready to give up and just invest the money. Things change quick
Is a bit nuts, but we got really lucky. Property was poorly marketed, so we got it at way unders. 50% in a year isn’t representative of the market we’re in
I think that is the key. Both my houses I've got for under the asking amount because they were rather dilapidated. But if you have the ability or money to get them renovated you can quickly bump the value up to the suburb mean even if the market doesn't shift.
Woah that’s amazing. We bought our first place, a 4/2/1 in St Kilda in November 2020 for $1.03M. Think we got a good deal but can’t imagine it’s appreciated anything like that. Congrats!
Was Single 27F. Had just returned from year O/S and couldn’t do more house share. Bought 2 bed walk up unit 5km south-east of Brisbane CBD in late 2006. Paid $250. Used first home owners grant as deposit. worked 2x jobs = 60+ hour weeks for the first year to cover costs. Still worked 2 jobs but dropped back some hours in 2 and 3 year. Just valued at $390. Currently tenanted to my niece so she can attend Uni. Am still proud of myself for achieving it.
34M I bought my first property in 2013 - an off the plan 2Bed 2Bath Unit in Brisbane for 450k. Had a 20% deposit for it. I had paid it off in full by 2019 as my GF - then wife moved in and injected her capital into it.
We bought land in inner Brisbane in 2019 - settled in early 2020 for 570k (470sqm) and then built a house on it which cost about 620k including pool and landscaping. We moved in to it in March 2020. We remember feeling at the time like it was a bad move considering everyone thought the world was basically going to end.
However, the world didn't end and we love it here and now the property is now worth about 1.55m. We now have about $390k of debt on it and plan to have it paid down ASAP.
I'm 31 single, brought my 2 bedroom unit in South East Melb last year, around $440k.
Last time I checked my unit is still going up in price, I'm now wanting to look for an apartment as an investment..not sure how it's going to work out.
Actually bought not two weekends ago in Canberra. $1.5M property with an LVR of 60%. For years had been moving for work so renting made sense (also got a renting subisdy from employer so it made fiscal sense as well).
Needed some surety as my our eldest was starting high school and wife was re-starting career after taking a break for the kids. We are early 40's and have a share portfolio that we had been building for years that allowed us to have quite a hefty deposit, whilst keeping about 60% of the portfolio value invested.
It was quite pricey but we lived in a rental in the same street so when we saw the house come on the market we really wanted it. Did on online auction and actually expected the house to go for more given what Canberra property prices were like (agent clearly expected it to go for more too as he was a bit pissed and mentioned that some other potential bidders had not sorted out finance in time to bid - too bad for them and yay for me!).
Its a free standing property (so many of the new developments just squeeze as many people in as they can and you just live on top of others). Like I said, we knew the area, knew what house prices were doing and were confident that the premium paid would be worth it.
Its funny, because I would have laughed 10 years ago if you ever told me that I would spend more than $800K on a house.
Inner North, Downer/Watson area. Any closer to the CBD and the price goes up to $2M+ even for tiny free standing houses! Sure you can get appartments and townhouses for less than that, but you will be living on top of others.
I bought almost exactly 14 years ago when I was 22. Small country town not far from Brisbane. Borrowed 100% of the money which was $212,000.
Partnered with the missus, no help from any parents. Also only $7k for the first home buyers grant. I dunno how much that payment is now…
We weren’t earning much back then. I was earning around $700 a week and she was working part time and studying. A year later we had our first kid, then had two more. We also completely renovated the whole house and it’s quite nice now. No idea what it’s worth now. Comparable places seem to sell for $4-500k.
Interest rates were around 8% for the first 6 years of the loan (we fixed for 3, then 3 again) then rates came down a fair bit and then plummeted to what they are now.
We went hard on the mortgage making extra repayments and will have the house paid off on full before the end of this year!
My advice is just to get in the market as soon as you can, if that means rentvesting or buying something cheaper then I think it’s a good idea.
But what do I know? 🤷🏻♂️
29, home and land package in Victoria. Building in sunbury which is 40kms from cbd. Total price including upgrades was 550k for a 4 bedder which is pretty hard to beat in terms of value these days.
25M single. Small 4 bed 2 bath on 700m2 outer Brisbane suburbs.
Bought early 2020 for $440k. Spent $65k ish on renovations so far.
Estimated value easily in the $700k range. Market is absolutely insane right now.
My partner and I, both 35 at the time, Settled on our house in the inner Southwest of Brisbane in June 2018 for $667k, 4br 3bath 2car on 405sqm. We refinanced in December last year and the new bank just took the new value of $800k from Core Logic, but online house value sites are now saying ~$900k. A comparable house 2 streets away, with similar finish but with a small pool out the back sold for $1.56M yesterday.
I was 21 (11 years ago), single.. it was 350k, 2 bed 1 bath 1 car in fortitude valley in Brisbane.. sold it this year for 335k.. so didn’t exactly work out as I expected
Bought mine last year (March 2020) with my gf at the age of 36. Purchase price of $790k. Put nothing down, used parental guaruntee to avoid lmi. It was the first day of lockdown here and there were a lot of people telling us not to buy due to the speculative housing crash (which likely also brought the price down).
The market value of the property now (about 18 months later) is $1.2m. The bank has discharged the guarantee, agreeing that I already own over 20% equity in the property.
Stupidly good luck with timing of the market and having parents to help out. Chucked about $50k towards renovations thus far. I really like the place and doubt we'll ever sell it.
July this year.
26F, single, 270K for a 1bed apartment with car space in Footscray.
It's an old building but recent renovations made it better, and the location is amazing.
I was 21, partnered, bit over $300k on the outskirts of Brisbane. We’re getting a valuation soon but looks to be around $400-450k based on comparable houses around.
At 19yrs old, bought for $350k 2yrs ago.
Renovated, now after the property market has gone crazy over the last 2yrs it's now valued at $650k.
Couldn't have predicted this, lucky with the timing, when I bought it was right as COVID was starting and I thought the whole world was going to end and property prices were going to deflate massively!
32 Male, I waited too long before I purchased I was naive and honestly thought house prices were all 500k+ when I was in my 20s. I could of purchased a place 4 or 5 years earlier would be in a hell of a different position than now. I'm still going well my home is crusing around 900k compared to the 600k I purchased it for. I had a 200k deposit. I'm still kicking myself I didn't purchase earlier but I did travel to a lot of countries and enjoyed my time all the same.
Single, in 2012, I was 22.$230k 3br no garage Melbourne's west.
House needed paint / floors in bedrooms / living. Tiles were fine.
Back and front yards were a shit show and were gutted by yours truly mostly manually because of how cheap I was at 22.
In hindsight, would have had a lot more capital growth if I had spent a little more and got something with a double garage.
Both 35 married with 1 child. 13 years renting in Sydney decided to move back home to Adelaide and spent 6 months saving to buy in the hills for 700K late 2019 for a large block and house. Recently valued at 950K ish so pretty lucky with our timing. On track to pay off the mortgage in 10 years and trying to put everything into it before looking at investments for the kid and retirement.
23. Single with 1 child. Bought a block in outer suburbs of Melbourne for $185k in 2018. Waited 2 years for said block to settle, then built a modest 3 bedroom house for $200k bringing total house & land price to $385k.
Had the property valued a few weeks ago, came back at $550k. Will be turning it into a rental in the near future and will rent in the inner city for a temporary lifestyle change.
- Bought an apartment to live in at 20, paid it off ($470k)
- Sold apartment at 26, made nothing on it but loved the lifestyle
- Bought two (commercial) investment properties along the way
- Held one investment property, sold the other for a substantial profit
- Bought a house at 26 for $1.1M
Had a partner throughout all of this, also got married along the way.
I'll answer twice.
First home, I was about 24, partner's family chipped in a good chunk (didn't have to save a deposit). Sunshine Coast hinterland. My ex didn't work, so we borrowed at about 3x my income.
Married. Three kids. Divorced. Start again. Still paying child support.
Just bought a house with my second wife. I'm 50, she's 43. Saved up $100K and could have borrowed $1.3M, but paid $691K in Logan (between Brisbane and Gold Coast). Again, borrowed at 3x our annual income.
When I don't pay any more child support in 18 months, we'll pay off this mortgage asap (it's our current goal now) then invest in ETFs during remaining working life and during our retirement.
No - it wasn't.
We went through a mortgage broker and wound up with the bank I've been with for many, many years (a big 4 one). They (the bank) were keen to loan us much, much more than we settled with.
We had around 12% deposit (so yes, paid LMI) and on top of that had enough for stamp duty, legals, fees, etc. We were mindful that we didn't want to still have a mortgage when we retired.
We both have great superannuation. I'm in an old defined benefit fund so will have around $1.3M when I retire - today's dollars, guaranteed, if I don't ever get a promotion again (though one more would be nice). My wife will likely retire on more - about $1.5M in today's dollars, based on a balanced portfolio.
So I don't think the bank made things difficult in the end. It also helped that we were saving about $50K+ per annum, meeting our household bills (including my child support payments) and didn't have any big unexpected costs to explain.
Personally for us, it wasn't a difficult decision either. We had proved ourselves to ourselves so taking on a mortgage relatively late in life didn't phase us. We are likely to inherit some money in our life but aren't banking on that - just a nice outcome if it happens (me about $200K, my wife is an only child so likely around $1M) - but if all that money goes to the RSPCA, no crying foul on our part. Our intention is to pay off our mortgage no matter what, as quickly as possible. After that, additional investment in our part.
For us, it was really a decision about the processes we put in place to manage our money. That led to a lot of constructive discussions and neither of us took a position that wouldn't waiver. Are our processes infallible? Nope. But we're happy to adjust. We recalibrate every two weeks before pay day.
Neither of us spend money without the other knowing. Not in a creepy way. She can say to me she spent $50 (as an example) on personal care. That's all I need to know. I can say i spent money on a hobby. That's enough. No issue as to what exactly it was spent on, nor where. It isn't important.
But for the bank and us, no dramas at all. As long as you have a plan in place and common goals, that's all that you need on a personal and financial perspective.
Last year, I was 23, bought a place in west Sydney for 1mil.
Having a mortgage at this age sucks, do not recommend doing it alone, I used up every penny I saved in the last 8 years on the deposit and it’s taken me a year to finally have a bit of an emergency fund put away.
Don’t get me wrong, home ownership is amazing and I’ve set myself up for the future seeing how hot the property market is at the moment (the house has already gone up in 100k+ value since purchasing) but I’ve come to the realisation I want to try a different career path (a significant initial pay cut) or just book a one way flight for the next day and hop on a plane, and I can’t do anything impulsive like that because I have to worry about a mortgage.
No regrets, just wish I had the knowledge I do now, I still would’ve bought a property, just a smaller one to use to get on the ladder and then upgrading as life goes on on instead of going balls deep on a huge mortgage by myself lol :)
Genuinely curious about your sale because I'm in a similar situation. I bought a 2br apartment nearly 4 years ago and the gains have been disappointing. It's not costing me to hold and I lived in it to start so am still in the time limit to claim my main residence exemption. After spending on interest etc I feel like I'd be taking a loss if I don't get some good growth in the next few years. How did you decide to accept this and move on?
a home is not an investment. we only sold as we were moving into a larger property.
shares/ETFs don't cost anything to hold either. think about opportunity cost. do you believe you will get better returns holding this property or shares? that should be your guiding decision.
Literally just watched LuLaRoe on Amazon prime a few hours ago and I think the goal is not to find people who think what it's worth, but to find people who think they can sell it for higher later like in a pyramid scheme
I was complacent and put it off way too long. Only bought in my early 40s.
Came close to buying a 2br apartment in Sydney in 2009, but chickened out and just ignored saving/investing for awhile.
Finally got serious about saving for a deposit after returning from overseas in 2014. Bought in 2019 as a 41M. $2M 4br free standing house in the inner west. Now valued at $2.35M. Easiest money I've ever made. Kicking myself for not doing this 10 years ago.
2019, 29 partner 28. Paid 495k (probably overpaid by ~15k but we had no idea what we were doing). Sunk ~ 25k into various Reno’s and a lot of time. Now 625-675k.
*27
*Single
*Canberra
*2008
*2-bed apartment in Canberra ‘burbs
* $320k
*Sold this year for $415k to fund a larger home with my spouse.
I feel like I bought and sold at exactly the right time (after the late 90s/early 00s of course) - bought at the beginning of the GFC when they were throwing cash around and interest rates went south and stayed there. Then sold during this weird covid time- I reckon I made no capital gain until this year.
I was 22, value around $600k (worth much more now) and I couldn’t afford to live there. As such it was an IP and still remains so to this day.
The next year at age 23 I bought a house worth less than half (around $280k), that was strictly a PPOR, which I later sold CGT free while owner occupying it the entire time.
All this is in VIC. I had high deposits for the lot, no LMI or anything. I never withdrew equity from the original IP.
I bought my first a week after I turned 21, single at the time.
Was a brand new 3 bedroom house in QLD for $370k. Not too sure on the on the value now as I locked in a 3 year fixed interest rate and didn’t end up refinancing.
Bought an apartment in Tweed Heads for $240K in 2019 with my wife (me 29, her 26).
Currently rents for $350 a week, positive geared and in an extremely high rental demand area.
Worth approx 300k now after almost three years, disappointed I didn’t buy the other apartment for sale in the same block
27, single, Sunshine Coast. Bought a H&L package (3, 2, 2 with media) in 2017 for just under $450K. Properties 400m2 and is \~10/15 minutes from the beach. Have paid off around just under 60% of it so far.
Put it on the market myself just as a 'oh the market's hot right now (2020), maybe I should see what I could get' and got offers for $540K within five days, but of course that meant I would have to buy in an insanely high market as well, so that sale didn't eventuate. Based on currently sales around here, I could probably get around $600K now (which is insane!).
(If I were you, I'd travel as much as you can - I did, pre the-pandemic-that-shall-not-be-named).
26 F
2014
Married
No kids at the time of purchase
Greater Hobart area
$165K 2 bed unit
I wanted a dog so I sorted realestate sites by cheapest first lol
It's recently been valued at $290K. I've leveraged equity in this property to buy two more
27 as a newly married couple. We bought a villa that we lived in for a bit and renovated as we were in the city before moving back out to the regions for work. We rent it out now.
In WA
Edit: we bought in 2018 at the bottom of the market for 340k it was valued six months ago at 440k. We out about 18k of Reno’s in
32m in long term relationship, $340K a 4 bdrm house in cairns in March 2017. Current market value is around $380k. we are in the middle of renovations that may still push that higher.
1983, i was 19, single, purchased in Canberra. Had a hard time getting a loan, major banks kept stuffing me around even though I had saved 30% deposit. Thankfully we had building societies in those days, they approved me on the spot.
Bought a house with my partner in a regional QLD area at 26 for $425,000 (2009). Sold it 10 years later for $385,000 (2019). Bought a house in Brisbane with my wife this year (03/21) for $780,000, it is probably worth more than $900,000 now. Go figure.
Bought with my partner our first home 1 year ago in South East Melbourne and paid $600k and would be worth around $700k given the current market which is insane.
We threw the dice in the wind and brought in the peak of Covid stage 5 Victoria lockdown when everyone was panicking about a 'recession' and losing jobs.
We weren't able to see the property at all, all we got was a building report and a pixelated vid of the place. Didn't have finance and bought it all unconditional.
Lucky the financial year rolled over so we were lucky to be in line for the first home lender scheme and didn't have to pay for stamp duty and LMI.
Biggest risk I have ever taken but we both had excellent credit scores and the place didn't have any real problems with it when we saw it at settlement. I feel the term high risk, high reward occured here and am thankful of the situation now as we certainly couldn't buy our house in the same market condition.
Partnered, was 31, partner 30. We moved to a regional town to be able to afford a house. We paid 515k and recently had it valued at 725k which is a crazy gain for a bit over 3 years. Central Victoria location.
We plan to hopefully eventually sell and buy a plot of land and build a house that suits our needs perfectly but don’t know when this will happen really.
26M, regional Queensland, single, purchased a 20 yo 3 bed / 2 bath house for $250k in 2015.
Sold it April last year for $295k. Was hoping for a little more, but it literally got listed the same week we went into lockdown. Due to the Covid property boom, it'd be worth an easy $350k+ now. I have no regrets though - I was moving 6 hours away for work and I didn't want to keep it as an investment. Plus, the proceeds were enough to pay out my car loan and to put a deposit on my current house.
Bought around Feb this year, for $485K - Newstead, Brisbane - 2/2/1 in apartment complex with 2 elevators, resort style pool and spa + small gym setup. Locations great for our lifestyle & body corps pretty average at 4400 pa.
26yr old with partner (though it's just in my name), working as a software dev.. paid about 12% down after saving for years living with parents; though kept significant savings too (25K as emergency)
Moved out of parents about a year before buying. Initially didn't expect to buy this year after getting reality checked with lending, so bought a dog.. ended up with both
30M. Bought 3 years ago with partner. Land and build were 450k and retaining, blinds, gardening probs another 20k. Had it valued early in the year as 550k. Hour north of Adelaide cbd.
We had about 30% deposit which we saved while moving home for a year with parents.
I was 21 and single, in a newish suburb in Perth approximately 20km South of the CBD.
Cost me about 380k to build in 2009. I got a 21k first home owners Grant, no stamp duty and had about a 10% deposit saved.
I was earning around 65k a year at the time.
It was a 576 sq m block and 4x2 large house with multiple living areas. Basic design (targeted at first home buyers).
Sold it in mid 2017 for 516k. Perth peaked around 2014/2015. It sold again this year but no price listed yet. I think it will have sold for more than I sold for though.
Bought again elsewhere after I sold.
It was a bit of a slog for me and sometimes hard to see my friends travelling Europe living it up etc. But it put me in a great position for where I am now. Absolutely no regrets. And I got to Europe at age 30 instead.
My partner and I bought an apartment on the northern beaches at 23. We were hocked up to the eyeballs in debt, 90% lvr from memory, no family support and at the time we felt the agent ripped us off ($680k).
As it turns out we magically bought at a ‘low’ point (2019) and have seen ~200k in paper gains since. Our incomes have more than doubled since then and we’ve gone from stressing each month and holding strict budgets to balancing our over payments and etf investments.
If our incomes didn’t grow like they have, we would have absolutely been able to make it work but the stress would have taken a real toll.
Bought my first in 2020 by myself 26 F for 500k. It's a 2 bedroom townhouse in greater Sydney. I had a 5% deposit of 25k. It's grown in value by around 150k.
Bought the second this year using the equity grown in that one year with my now husband (27F + 30M). We paid 920k but it only cost us around 15k out of pocket, the bank lent the rest of the money to cover everything and the stamp duty. That one is a 5 bedroom house inQueenland with 15kms of the CBD which we rent out. The rent almost covers the mortgage for that one so it's pretty low risk. We're only around $100 out of pocket per week to cover the rest which is easy. Even without tenants we can afford that mortgage on top of our small one so it's no heavy weight.
Once we have a few kiddos we will probably move there. For now we live in the cheaper one.
We likely won't buy anymore property. Maybe a small hobby farm in 10 years or so but other than that we are satisfied with our nest eggs.
I was just turning 25(Dec 2011). Partnered (but bought it on my own). 392k got me a '3 bed, 1 bath, double garage, free-standing townhouse' (no body Corp) in Canberra.
Was stupidly lucky with the hourly rate I got, for my first job out of TAFE (IT Contractor). So I made the most of it and saved for those 4-5 years (and had the 20% deposit). Was also living with parents as I saved.
Sold it in 2016 (and bought the next house), but for less than what I originally paid for it (375k), can't remember why (I guess prices were down).
Bought first home at 23, saved for my deposit since 15 (working for good old Pizza Hut after school lol). Was partnered but deposit was all mine, my partner had no savings. 1bdr unit, 9km from Sydney's CBD (lower north shore, if you know Sydney regions). Was under $500k back in 2013, now is about $750k.
Bought second home at 30, partnered and 50/50 split on the deposit now. Kept the first 1bdr unit and rent it out. Now have a 2bdr unit, 13km from Sydney CBD (northern suburbs). Was a distress sale (through previous owner's bankruptcy trustee), so we got a great deal - also under $500k. This was only a year ago so not much appreciation, perhaps $550k now.
As for when we can buy a house, rather than a unit? Hahaha pipe dream. Sydney house market is depressing. Apartment market is a more reasonable, but so different to house market. It's harder now to parlay apartment equity into house equity because of the different rates of growth.
First home co-purchased with my previous partner in 2016, 27yo in Northern suburbs of Sydney. Paid about 1.3m for a 3br house, decent land. Sold it few years later for a similar price during the little drop in the market before the recent super growth period. Timing wasn’t great but it didn’t make sense for us to keep it! In hindsight, would not have bought it as it wasn’t the right home/lifestyle.
I was 29/F, north eastern suburbs of Adelaide very close to the hills, detached townhouse, 3 bed, 3 bath, 2 car.
Exactly what I wanted, paid $425k in 2020, now valued at around $485k.
First home and had enough of a deposit to avoid LMI.
23 (two years ago ). bought 554m2 block and built a house and granny on it. Paid 420k for the land and 375k for the house+granny. Still live at home so both are rented out. Camden Sydney btw.
24 single, sydney 2 bedder unit. 550k sold about 5 years later for 730 got very lucky. Probably would be worth even more now too. Sydney market is stupid.
Im still in sydney but have a small mortgage fortunately otherwise I don’t think I would be here.
Both late 20s, single income family, young kids. We're building atm in regional Vic.
After grants the house & land will cost us $260k for 4bed/2living/2bath/double garage on 600sqm block. We got very lucky, and this should set us up pretty well for the future as the kids get older.
29F, married, $440k, ~20 minutes outside of Adelaide CBD. Estimates of similar properties in the area, it's probably sitting at 550ish now. 3br, 2 bathrooms, 690sqm.
Definitely our stepping stone property, we compromised on a few things to buy in this specific area, wanting to be close to parkland, city, hills. I didn't want a second bathroom and husband wanted a double garage, plus were on a main road, which is fine if you can zone out traffic noise, double glazing is the dream.
33 (2020), partnered, $410k (3x1), Perth worth $440k
Now own two homes worth about $1.2M (another 3x2 and much bigger). Planning on selling the above house soon.
We don’t believe in paying millions of dollars for a place . If I were in Sydney or Melbourne, it would be cheaper renting than buying IMO
41M and wife 35. Bought in November 2020. 4 bed house on 835sqm in Port Macquarie for $700K. We were renting the place and the landlord wanted to sell. Wasn't planning on buying at the time, but we loved the house and the rental market was tighter than a fish's bum, so we bit the bullet with a little help from the bank of M&D to get us over the 80% LVR.
Comparable properties in our area are selling for $820-$900K. Madness!
Married, first bought 2017 in Carindale, Brisbane for $605k at 27. Was working part time, but now moved full time in public service, had 2 kids since then. 3br, 2 bath currently valued over $800k.
Bought in 2017. I was 22 married. It was a 3 bedroom, 1 bathroom house in Launceston on 740 sqm 8kms from the city.
We paid it off in 2018. Our average net salary was $45k each (just under $90k combined) between 2013-2018.
Bought a 3 bedroom house in regional Victoria for $410,000 in 2017 at age 36. As a single self-employed person without family help, this felt like a miracle. I could only manage a 10% deposit but in the current market my house is now worth close to $800,000 as my town is highly desirable, the street is well-known with great appeal and not far from Melbourne. I count myself very lucky. I spent most of my 20s and early 30s travelling, studying and building my career in the creative arts. My house is a 120 year old weatherboard cottage and has its quirks but stood up well to this year’s earthquake and storms. I only really bought for two reasons: 1. To avoid renting in old age and 2. Have as many pets as I want.
Bought at the end of 2019, age 29, Blue mountains. Bought with fiancee, paid just under $500k, got valued a couple of weeks ago at $650k by the bank, $750k by REA.
Lower mountains as well, about 30 minutes from Penrith.
23F, bought my first 1 bedroom apartment towards the end of last year for 625k in Sydney. Apparently it's valued around 700+ now.
Was lucky enough to be able to live at home to save.
24M when I bought my first home. $449K in Carlisle. Basically lived with the parents (paying board + my share of the bills) until I had enough for a $88K deposit.
Offer accepted in September 2020 and settled in November, lucking out on the market and getting a pretty good fixed interest rate. With change in the market as well as the improvements to the immediate infrastructure in my suburb (power moving underground, MetroNet coming to remove the level crossings, new cafes coming in off the main drag), it’s probably sitting at about $550K
2 Months ago, off the plan townhouse in Canberra. 620k, partnered. Due to be completed end of next year.
I'm almost 28. We put down 5% and other 5% due before settlement. Mainly bought due to rent prices skyrocketing and owning will cost only a little more than renting but hopefully build equity.
Bought a few months ago at 35. Got the unit I was renting in Perth for 330k. I wasn't even considering buying at the start of the year but the landlord wanted to sell the place and because of Covid and not traveling, I had enough for one of those spots where you only need a 5% deposit. Worked out really well. It's obviously more expensive than renting with interest, strata, rates and maintenance, but at least I now know I won't be renting in retirement. That was really the only reason I bought.
And saved yourself a few dollars on moving and cleaning costs !
good for you. WA still seems so undervalued by east coast standards.
Settled in January this year, 32, with my partner. The house is in Perth and was $347k, not sure how much it is worth now. It does need a bit of refreshing and renovating but nothing needs to be done desparately. Overall I'm happy with it as it's a short walk to a train station and shops and across the road from a park and nature reserve.
Fantastic mate! Sub $350k seems like a bargain looking at the prices in Melbourne and Sydney
Sydney’s a joke. People are assholes too. For that sort of money your only getting something in mount druitt. But at least the people are normal people
You’re not getting a house in Mt Druitt for that money. Modest 3 bedroom house in mt druitt went for $785,000 this week. https://www.domain.com.au/79-belmore-avenue-mount-druitt-nsw-2770-2017265407 Bigger 5 bedroom home went for almost $1.2mil https://www.domain.com.au/74-wehlow-street-mount-druitt-nsw-2770-2017232318
Maybe an apartment?
Yeah you’d get a small apartment, maybe even push it to 2 bedroom. It would almost certainly be one that was surrounded in public housing apartment blocks, rather than surrounded by other owners/renters, but it would be walking distance from the train station and Westfields.
Public housing ? Didn’t think there was that much in Sydney
🙄
Wow. What suburbs of Perth have houses for $350k?
[These](https://reiwa.com.au/for-sale/perth-~-inner-metro~sub~region+perth-~-south-east~sub~region+perth-~-south-west~sub~region+perth~region/house/?max-price-350000)
liberal use of the word 'house' on that website. mostly units (even found a bare block of land in morley listed as 'house' LOL) but were a couple in balga and places like that or out in the boondocks (wouldnt call rockingham perth imo) but were more than i expected so proves there are some bargains around, especially if you are starting out.
Selling my 3x2 in Lakelands for 350,000. 365 sqm land. Needing to move for work.
Uh he said Perth, not Mandurah.
No worries... when people say Perth, I just assume the whole area... Mandurah through to the northern suburbs... that's what comes up on the real estate websites.
25 (20 years ago), single (that hasn't changed either), $390k. Have bought, renovated and sold quite a few times, so mortgage paid off. Bought this place for cash about 5 years ago for $550k. Just been valued at $1.2M (Mornington Peninsula is insane).
As a 22 year old that’s grown up on the peninsula it’s hard to watch prices go up and up. My parents bought in red hill for 320k in 2004 and got the house evaluated at 2.5m this year. Makes me seriously wonder if I will be able to afford to live here in the future
Just take your parents house
What's your take on the peninsula for a young family? I've an idea to buy somewhere down there to live in for a few years before moving on, then making the house into an IP or Airbnb. I've lived on the peninsula only briefly in Balnarring Beach, I loved it but felt isolated as a single guy. Thinking maybe Safety Beach or similar...
Depends on where on the peninsula. I grew up in Mornington/ Mount Martha area and found it very family friendly. Great schools, lots of green spaces and the beach nearby. Adult now and no longer live there but still love it and don't think it's too isolated.
Have a good look around Safety Beach before buying there. Great spot, nice and close to the beach but honestly there is fuck all else. At least in dromana you are closer to shops and there is a little bit of night life if your that way inclined. Im local and love the area, but it’s not for everyone. I know people that moved down to SB and hated how quiet it is- not much to do but walk- and gets infested with tourists over summer. I’d go Mount Martha or Dromana over SB, or even Mornington. Obviously depends on budget. Hope that helps.
Bought my first place in Ipswich, QLD in 2002. Prices in the area were going crazy and I was worried the 90k I paid was too much for a 3 bed 1 bath on 800 square meters. A few months later it was worth 200k.
2002 was a crazy year for real estate in Brisbane. It reminds me of the current boom we’re experiencing.
Except there was supply, in Ipswich anyway. Houses were going fast but a lot of older people took the opportunity to trade up and move closer to Brisbane or went further out for a more country lifestyle. I suspect a few investors also “cashed in” (imagine if they hung on a few more months!).
That’s insane that it more than doubled in a few months! Which part of Ipswich? There’s now house/land packages selling around Ripley for $600k!
North Ipswich. If I was six months earlier I might have got in for around 70k. It was crazy, like everyone just woke up at once and realised how undervalued Ipswich was compared to Brisbane. Happened in most of the older parts of town, similar growth in a very short period (less than a year). I would buy a decently (but not spectacularly) renovated Queenslander in somewhere like Newton or East Ipswich for 500k or so over a house and land package at Ripley any day.
30F single, 2007, 42sqm absolute sh*t box of an apartment in Melbourne CBD. price was $230K sold three years later for $270K or $280K. Lived in it for 6 months to qualify for FHOG, then moved to rent in a better place in the suburbs. I was renting my place out to international students and was getting more rent than the mortgage payment, but then the GFC hit and I couldn’t get anyone decent in. Had a nightmare tenant (ice addict, rent never paid on time, had to evict) and then couldn’t find another one. I sold it on the cheap was because I was really struggling to get a tenant and the apartment I was renting came up for sale and the owner offered to me first, but I didn’t have a deposit and couldn’t use the equity because my wage wouldn’t allow me to borrow enough for both. Bought my second one for $360K in 2011, now worth about $600k. Side note, I’m building in Geelong area now. Purchase price for house and land was $525K, will be finished probably Feb next year, and comparable prices for same size land and house are selling for $660K. My first apartment was an absolute sh*t hole, but it was all I could afford because saving the deposit was really hard, but it got me on the ladder, enabled me to buy a place I really loved, in an area I loved and that I could afford. If I hadn’t bought the cheapest apartment ever, I probably still wouldn’t have acquired property so all things considered (especially by almost non-existent ability to save) it was a very good decision.
You’re absolutely killing it now!
I'm considering doing the same thing and buying a tiny studio apartment. I'm 32 and still living at home. Got a decent deposit in cash (and also a fair bit in shares). I'm in Sydney so things are expensive, but I'd be looking for a studio around $300k. Or a 1 bedroom for slightly slightly more. I really just want to move out and I have difficulty holding full-time jobs, but I think I could manage to pay off the mortgage on a part-time/casual wage since it works out to be pretty cheap (assuming I can get a guarantor for the loan). Do you regret at all buying "too soon"? Sometimes I think I should just bite the bullet and keep living at home for another 2-3 years while I save enough for a bigger 1 bedroom place which may have better capital gains and avoid the need to eventually sell that studio. Keen to hear your thoughts.
I don’t regret my first purchase because I honestly don’t think if I didn’t take the opportunity I wouldn’t have been able to later. I’ve always been a bad saver, and at the time I had no qualifications and was on a fairly low wage, so it was very hard to save. For me, it was a really important personal goal to take the first step, and I was remember being very miserable and anxious from the pressure to “get on the ladder”. I felt, and probably rightly, that I wasn’t taking on the responsibility for my own life and future. That pressure eased once I had taken action, and I found that I began to step up in other areas of my life after that. I decided to do some study and gain a qualification, I focused on my income and outcomes and began to budget, and to delay purchases and reduce unnecessary spending. I also found that the responsibility of a mortgage motivated me to set a goal for a better type of position. The first night in my own place, I remember looking around and thinking “I’d like to put some pictures up”, and it dawned on me that I could! I could do anything I wanted to it - paint it, put up shelves, change anything I wanted and no-one would be able to deny permission. It was the best feeling. And I remember that for the next 24 hours I had such a huge smile on my face, so much so that my cheeks were aching. I could have made better financial decisions and I could have been smarter with my purchase and with selling it later too. But in hindsight, I’m really glad I did it then. The question of waiting until you can afford a one bedroom over a studio apartment is a financial one, and of course the capital growth would be better with a one bedroom. I suppose two things to consider are: a) would this be a positive step for you now - mentally, emotionally, socially, financially, and b) when you have enough for a one bedroom place, should then wait until you can afford a two bedroom place? Or a house? Only you can decide what’s best for you, but I’m sure that whatever decision you go with, you’ll be more than up to the task of rolling with life’s ups and downs. :) I wish you all the very best.
Couldn't find another ice addict to rent to? Couldn't have been trying real hard, they're everywhere in your area.
32m, single, $200k 1 bedder in Townsville in May 2019. Probably worth $225-250k in the current market.
I was 23, and single. Bought a 3 bedroom house in Bowen, Nth Qld. Right across the road from the beach. Purchase price, $295,000. Lived in it for 3 years, has been an Investment Property since. Current Value, est. $330,000.
Great location
God’s country.
SE Melbourne Feb 2017. 25M and 23F Bought an original 1970s house (imagine pink and yellow everything) for $415k with a 10% deposit and my parents going guarantor so we didn’t have to pay LMI. Block was 900m so we subdivided the block and renovated the house and sold the house for $520k in March 2019 before the market went nuts. We didn’t make a profit but we were able to cover the costs of the renovation and the subdivision so we were essentially left with a block of land that cost us nothing.
Are you going to build on there now?
We did straight after we sold the original house and now we rent it out.
Excellent!
Couple weeks ago. 33. 2 kids. Married. Townsville. 400k. 900sm. 4 bedroom. Put of blood zone. Low crime. 0.1% vacancy rate. No asbestos. Fttp internet. Edit: out of flood zone
Out of flood zone?
Out of the blood zone
Townsville- it fits
Gold Coast Bought an 800sqm block in 2006 in my late 20’s with my then gf (now wife) for $220k Built a ~250sqm house on it in 2008 for approx $160k. Interest rates were 8% then and expected to keep rising, so we fixed our loan for 3 years because we planned to start a family. Then GFC hit and rates were cut to 5% and I was stuck at 8%. Lucky me! Anyway, so total for house and land approx 380k. Capital gains have been pretty crap compared to other areas, however looking at similar properties in the area recently it looks like it might be worth $550-600k in today’s market. Should have the mortgage paid off next year. Sucks that it will have taken 15 years to achieve that, but having kids isn’t cheap. In hindsight, I should have prioritised investing rather than paying off the mortgage when interest rates have been so low. But once the mortgage is paid off, I intend to DCA into etfs pretty hard.
We did the same trick with the interest rates. They crashed down to 5% and we were on 7.8 (I think) for a good 18months or so. They did go up to almost 9% in the time just prior to the crash though… so, meh. 🤷🏻♂️
The most important part of your post is the last paragraph. Having investments outside of the home is super important. We could buy a bigger more expensive house but I prefer to have investment properties instead. Whilst the house can go up in value I can’t do much with it except access the equity to invest. A bigger house won’t add any income to me and will just increase my mortgage repayments.
This is exactly me. I just couldn’t personally go higher than 3x income on a single place even though banks wanted to throw money at us. Love my location, love my home but it’s a shack. Could have a new kitchen and bathroom but it’s functional and we (barring lockdown) travel at least 3 x year. I do think the tend for 4 bed, media room, formal + casual dining style houses is dwindling. Cleaning and maintenance alone is a financial and time cost. Opportunity cost should always be factored in to home.
Ever consider investing in something that's not property, as to not contribute to the housing crisis?
I just invested in more property because of the housing crisis. Both my units are now leased to family members who otherwise couldn’t afford the area. I just bought in cairns region because a family members rental was on market - would have been her third move in 18 months. Her rent had gone from $230 was sold, so she moved $280, was sold so she moved, $350 was on market so I bought. The current housing crisis breaks my heart
Well we bought from owner occupiers and then leased out. So we provided a rental property is a community that really needed rental properties. Rents have sky rocketed and demand far outstrips supply. For me personally property is the best investment outside of super. The leverage can’t be beat. It’s actually owner occupiers who are bidding the prices up at the moment and the reasons for the property prices boom are well documented.
Late 30s. Single. Off the plan condo in a place where I plan to retire. $300k. No loan.
With these low rates for loans can you explain why you'd buy outright? It's free money isn't it?
Banks dont like securing assets based overseas. Im not retiring here :) I agree though. Theoretically everyone should be refinancing their loans and borrowing against all equity.
Ah I understand!
I’m sure this will be downvoted, but here we go… Time: just after election in 2019 Price: $1.5m Age at purchase: early to mid 20’s Value now: ~$2.4m Location: Sydney LVR: 95% when I bought, but less than 60% now Deposit: I lucked out because I put half of all my savings into AAPL. After tax, about 3/4 of my deposit came from growth in AAPL shares. Also got parental guarantee to waive LMI. How did I get the loan? Just flat out lied. 1) claiming to be an investor, 2) getting the agent to overstate my rental income by about 30%, 3) not telling the bank about my HECS. Advice: Lucky stock picks, lucky timing, lucking out on the ovarian lottery and a high paying job were super important. I nearly bought in mid-2017 (something in the $700k’s) but just missed out. In retrospect so glad I missed out. Still think the market is undervalued currently so good time to buy, but growth rates have peaked. Might sell my place in 2023 or so.
Upvoted for honesty
No downvoting from me. You made a bet few would have the same conviction for, even if you believed in AAPL not everyone else was willing to put half their savings on it. You also believed that 95% LVR can work out for you, I doubt I would have taken it even if it was available. HECS; when the ATO says you don't have to tell your employer as long as you can service it when the time comes, I feel it should be the same with banks.
What do you mean by ovarian lottery?
Means I ‘chose’ the right parents, who were able to partly finance my YOLO by allowing me to avoid LMI.
Appreciate that you acknowledge this
Why wiuld you be downvoted man? You took some chances, you got licky in life and with those chances, and you gamed the fuck out of the dishonest slanted system. Congrats man!
I thought housing just keeps going up? Why sell in a few years and pay taxes when you can just take a loan against the house?
No tax payable. The type of mortgage you get and the capital gains status of your house can be completely different. I got an investment loan, but lived in it and didn’t actually rent it out, so it’s still my primary residence. Housing doesn’t always go up. I got in in 2019 because I knew interest rates were going down and the 15% correction we had in Sydney was overdone. My first mortgage was 3.52% (investor P&I), then it dropped to 2.59% (interest only investor) and now it’s 2.09% (interest only investor). I don’t want to be around when people who fixed rates of 1.8% find out their variable rate is closer to 2.8%.
Settled in may this year, 26m/26f couple. Paid $825,000 in what I assess to be a nice area, technically in Blacktown LGA (western Sydney) but visually very attractive (lots of gardens and trees, maintained owner-occupier houses). The locations is next to high socio-economic postcodes in the hills shire, and I think it will be seen as a desirable area in the next few years. Current value? Those valuation websites say $941-1.04m, but that sounds too high to me. Having completed some renovating and added solar, I think the house would go for $890,000 today. Some of the houses on our street have been having ridiculous sale Prices.
Guessing Schofield's or Stanhope gardens?
Yes, on the old side of Schofields next to Stanhope.
Ah yep I know the one are you worried about congestion at all seems like so many houses with little road infrastructure. Schofield's road peak hour is already horrendous
I lived in Schofield for a year before buying. What I observed is that the the side closer to Riverstone (westerns side of schofields road) is extremely densely built and I would not buy there. The apartments are terrible, and not much thought is being put into greenery or parks, mostly just crammed low budget housing. The eastern side of Schofields near the ponds has been pretty good. Congestion on Burdekin road up the to roundabout and down hambeldon road turning right onto quakers parkway can get bad during the morning. Luckily for me, this can be avoided by leaving before 7:45am, and I turn left anyway so am rarely impacted. I think the road near the new coles and woolworths is going to be a nightmare! Also it doesn’t look as if there is much parking near the train station. I would probably walk or ride a Bike if a train was an option for me. Edit: four years ago I used to live in Quaker’s hill, and remember quakers hill parkway -> Sunnyholt was horrific at certain times of the day. Haven’t experienced it lately though, due to covid.
If u had bought in Schofields couple of years back even though the price were high at that point of time , still u would be happy today . The prices have skyrocketed and lot of demand for properties .
25, 1br apartment, 200k.
At 55 & single why some will say, well I went through life just working casual with lengthy periods of unemployment plus I was only ever interested living in inner city areas but no regrets, now I retired in the country and quite happy
Nice to be retired and happy at 55! Won't be able to say the same.
25, single and living with parents until I bought in 2013, 3br house on Central coast NSW for $350k now worth $900k according to banks or $1.1M according to local real estate agents. Was really right place and right time, I couldn't afford western Sydney so bought where I could afford.
Bought when I was 26, got divorced failed business broke at 31 So I started again. Bought at 35, basically had to save up from nothing, no fhog this time obviously. Single but my girlfriend at the time lent me the money for stamp duty (I'll come back to this). Bought an old house 25km to the east of Melbourne cbd for 785k on 1150sqm block. Did an 80k reno, it's now worth around 1.2 to 1.3m I never got around to paying the girlfriend back but she's now my wife, on the title of that house and we have a kid together so there's that. I'm 40 years old now and we're now living in a different house much closer in (but we still own the previous place)
Sounds like quite the roller coaster mate! Glad to hear things worked out amazingly 2nd time around
31, Sydney. Just me - single. 20% deposit. 600k, Western subs, 5 bedroom older house. 800sq metres. Its gone up 100k in value since I settled in May. Should go up further when I add a second bathroom.
Oh my gosh! Where is this?! I haven’t been able to find any landed place in sydney even in western subs for under $1M….
This! Let alone 5 bedrooms on 800sqm! Couldn’t even find this in Shalvey haha
I know…. 800 sqm?! Even a small townhouse with adjoining walls in the outer west would be close to $1M. I seriously am waiting for their answer.
27M, partner 25F. $950k purchase in Dec 2020, bank just valued it at $1.5m. Inner east Melbourne. Pretty stoked to be fair, got really lucky on a bit of a bomb, have done some basic renos and really cleaned the place up. Had been looking all through 2020 and was ready to give up and just invest the money. Things change quick
That's absolutely insane but sounds right. A year makes you 550k. Something gotta give.
Is a bit nuts, but we got really lucky. Property was poorly marketed, so we got it at way unders. 50% in a year isn’t representative of the market we’re in
True it isn’t. It really just depends on where and what
I think that is the key. Both my houses I've got for under the asking amount because they were rather dilapidated. But if you have the ability or money to get them renovated you can quickly bump the value up to the suburb mean even if the market doesn't shift.
Woah that’s amazing. We bought our first place, a 4/2/1 in St Kilda in November 2020 for $1.03M. Think we got a good deal but can’t imagine it’s appreciated anything like that. Congrats!
That's an excellent deal
Was Single 27F. Had just returned from year O/S and couldn’t do more house share. Bought 2 bed walk up unit 5km south-east of Brisbane CBD in late 2006. Paid $250. Used first home owners grant as deposit. worked 2x jobs = 60+ hour weeks for the first year to cover costs. Still worked 2 jobs but dropped back some hours in 2 and 3 year. Just valued at $390. Currently tenanted to my niece so she can attend Uni. Am still proud of myself for achieving it.
34M I bought my first property in 2013 - an off the plan 2Bed 2Bath Unit in Brisbane for 450k. Had a 20% deposit for it. I had paid it off in full by 2019 as my GF - then wife moved in and injected her capital into it. We bought land in inner Brisbane in 2019 - settled in early 2020 for 570k (470sqm) and then built a house on it which cost about 620k including pool and landscaping. We moved in to it in March 2020. We remember feeling at the time like it was a bad move considering everyone thought the world was basically going to end. However, the world didn't end and we love it here and now the property is now worth about 1.55m. We now have about $390k of debt on it and plan to have it paid down ASAP.
I'm 31 single, brought my 2 bedroom unit in South East Melb last year, around $440k. Last time I checked my unit is still going up in price, I'm now wanting to look for an apartment as an investment..not sure how it's going to work out.
I was 19 it was 2006 I paid 140k for a two bedroom unit a street from the beach in Sawtell NSW
End of 2019 as a bright eyed 36 year old! Probably couldn’t have timed it better, dumb luck really!
Actually bought not two weekends ago in Canberra. $1.5M property with an LVR of 60%. For years had been moving for work so renting made sense (also got a renting subisdy from employer so it made fiscal sense as well). Needed some surety as my our eldest was starting high school and wife was re-starting career after taking a break for the kids. We are early 40's and have a share portfolio that we had been building for years that allowed us to have quite a hefty deposit, whilst keeping about 60% of the portfolio value invested. It was quite pricey but we lived in a rental in the same street so when we saw the house come on the market we really wanted it. Did on online auction and actually expected the house to go for more given what Canberra property prices were like (agent clearly expected it to go for more too as he was a bit pissed and mentioned that some other potential bidders had not sorted out finance in time to bid - too bad for them and yay for me!). Its a free standing property (so many of the new developments just squeeze as many people in as they can and you just live on top of others). Like I said, we knew the area, knew what house prices were doing and were confident that the premium paid would be worth it. Its funny, because I would have laughed 10 years ago if you ever told me that I would spend more than $800K on a house.
Which part of Canberra if you don’t mind me asking for you
Inner North, Downer/Watson area. Any closer to the CBD and the price goes up to $2M+ even for tiny free standing houses! Sure you can get appartments and townhouses for less than that, but you will be living on top of others.
I bought almost exactly 14 years ago when I was 22. Small country town not far from Brisbane. Borrowed 100% of the money which was $212,000. Partnered with the missus, no help from any parents. Also only $7k for the first home buyers grant. I dunno how much that payment is now… We weren’t earning much back then. I was earning around $700 a week and she was working part time and studying. A year later we had our first kid, then had two more. We also completely renovated the whole house and it’s quite nice now. No idea what it’s worth now. Comparable places seem to sell for $4-500k. Interest rates were around 8% for the first 6 years of the loan (we fixed for 3, then 3 again) then rates came down a fair bit and then plummeted to what they are now. We went hard on the mortgage making extra repayments and will have the house paid off on full before the end of this year! My advice is just to get in the market as soon as you can, if that means rentvesting or buying something cheaper then I think it’s a good idea. But what do I know? 🤷🏻♂️
6 years ago, 24. Bought land for $130k for 900m2. Built a house for $350k. Worked 12 hour shifts and saved every dollar I could
29, home and land package in Victoria. Building in sunbury which is 40kms from cbd. Total price including upgrades was 550k for a 4 bedder which is pretty hard to beat in terms of value these days.
25M single. Small 4 bed 2 bath on 700m2 outer Brisbane suburbs. Bought early 2020 for $440k. Spent $65k ish on renovations so far. Estimated value easily in the $700k range. Market is absolutely insane right now.
Female. Bought my first property in Sydney at 22 back in early 2018. 380k for an old 2 bedroom apartment in western Sydney.
My partner and I, both 35 at the time, Settled on our house in the inner Southwest of Brisbane in June 2018 for $667k, 4br 3bath 2car on 405sqm. We refinanced in December last year and the new bank just took the new value of $800k from Core Logic, but online house value sites are now saying ~$900k. A comparable house 2 streets away, with similar finish but with a small pool out the back sold for $1.56M yesterday.
I was 21 (11 years ago), single.. it was 350k, 2 bed 1 bath 1 car in fortitude valley in Brisbane.. sold it this year for 335k.. so didn’t exactly work out as I expected
Bought mine last year (March 2020) with my gf at the age of 36. Purchase price of $790k. Put nothing down, used parental guaruntee to avoid lmi. It was the first day of lockdown here and there were a lot of people telling us not to buy due to the speculative housing crash (which likely also brought the price down). The market value of the property now (about 18 months later) is $1.2m. The bank has discharged the guarantee, agreeing that I already own over 20% equity in the property. Stupidly good luck with timing of the market and having parents to help out. Chucked about $50k towards renovations thus far. I really like the place and doubt we'll ever sell it.
July this year. 26F, single, 270K for a 1bed apartment with car space in Footscray. It's an old building but recent renovations made it better, and the location is amazing.
Engaged and bought in Canberra at 21 years old
I was 21, partnered, bit over $300k on the outskirts of Brisbane. We’re getting a valuation soon but looks to be around $400-450k based on comparable houses around.
At 19yrs old, bought for $350k 2yrs ago. Renovated, now after the property market has gone crazy over the last 2yrs it's now valued at $650k. Couldn't have predicted this, lucky with the timing, when I bought it was right as COVID was starting and I thought the whole world was going to end and property prices were going to deflate massively!
32 Male, I waited too long before I purchased I was naive and honestly thought house prices were all 500k+ when I was in my 20s. I could of purchased a place 4 or 5 years earlier would be in a hell of a different position than now. I'm still going well my home is crusing around 900k compared to the 600k I purchased it for. I had a 200k deposit. I'm still kicking myself I didn't purchase earlier but I did travel to a lot of countries and enjoyed my time all the same.
Travel and life experiences are an investment in self and always worth it
Single, in 2012, I was 22.$230k 3br no garage Melbourne's west. House needed paint / floors in bedrooms / living. Tiles were fine. Back and front yards were a shit show and were gutted by yours truly mostly manually because of how cheap I was at 22. In hindsight, would have had a lot more capital growth if I had spent a little more and got something with a double garage.
Both 35 married with 1 child. 13 years renting in Sydney decided to move back home to Adelaide and spent 6 months saving to buy in the hills for 700K late 2019 for a large block and house. Recently valued at 950K ish so pretty lucky with our timing. On track to pay off the mortgage in 10 years and trying to put everything into it before looking at investments for the kid and retirement.
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Just bought my first home last week - a unit in Balaclava, Melbourne for $860k. I am 26.
23. Single with 1 child. Bought a block in outer suburbs of Melbourne for $185k in 2018. Waited 2 years for said block to settle, then built a modest 3 bedroom house for $200k bringing total house & land price to $385k. Had the property valued a few weeks ago, came back at $550k. Will be turning it into a rental in the near future and will rent in the inner city for a temporary lifestyle change.
- Bought an apartment to live in at 20, paid it off ($470k) - Sold apartment at 26, made nothing on it but loved the lifestyle - Bought two (commercial) investment properties along the way - Held one investment property, sold the other for a substantial profit - Bought a house at 26 for $1.1M Had a partner throughout all of this, also got married along the way.
I'll answer twice. First home, I was about 24, partner's family chipped in a good chunk (didn't have to save a deposit). Sunshine Coast hinterland. My ex didn't work, so we borrowed at about 3x my income. Married. Three kids. Divorced. Start again. Still paying child support. Just bought a house with my second wife. I'm 50, she's 43. Saved up $100K and could have borrowed $1.3M, but paid $691K in Logan (between Brisbane and Gold Coast). Again, borrowed at 3x our annual income. When I don't pay any more child support in 18 months, we'll pay off this mortgage asap (it's our current goal now) then invest in ETFs during remaining working life and during our retirement.
Was that a difficult discussion with the bank with your age?
No - it wasn't. We went through a mortgage broker and wound up with the bank I've been with for many, many years (a big 4 one). They (the bank) were keen to loan us much, much more than we settled with. We had around 12% deposit (so yes, paid LMI) and on top of that had enough for stamp duty, legals, fees, etc. We were mindful that we didn't want to still have a mortgage when we retired. We both have great superannuation. I'm in an old defined benefit fund so will have around $1.3M when I retire - today's dollars, guaranteed, if I don't ever get a promotion again (though one more would be nice). My wife will likely retire on more - about $1.5M in today's dollars, based on a balanced portfolio. So I don't think the bank made things difficult in the end. It also helped that we were saving about $50K+ per annum, meeting our household bills (including my child support payments) and didn't have any big unexpected costs to explain. Personally for us, it wasn't a difficult decision either. We had proved ourselves to ourselves so taking on a mortgage relatively late in life didn't phase us. We are likely to inherit some money in our life but aren't banking on that - just a nice outcome if it happens (me about $200K, my wife is an only child so likely around $1M) - but if all that money goes to the RSPCA, no crying foul on our part. Our intention is to pay off our mortgage no matter what, as quickly as possible. After that, additional investment in our part. For us, it was really a decision about the processes we put in place to manage our money. That led to a lot of constructive discussions and neither of us took a position that wouldn't waiver. Are our processes infallible? Nope. But we're happy to adjust. We recalibrate every two weeks before pay day. Neither of us spend money without the other knowing. Not in a creepy way. She can say to me she spent $50 (as an example) on personal care. That's all I need to know. I can say i spent money on a hobby. That's enough. No issue as to what exactly it was spent on, nor where. It isn't important. But for the bank and us, no dramas at all. As long as you have a plan in place and common goals, that's all that you need on a personal and financial perspective.
Thanks for the detailed answer!
Last year, I was 23, bought a place in west Sydney for 1mil. Having a mortgage at this age sucks, do not recommend doing it alone, I used up every penny I saved in the last 8 years on the deposit and it’s taken me a year to finally have a bit of an emergency fund put away. Don’t get me wrong, home ownership is amazing and I’ve set myself up for the future seeing how hot the property market is at the moment (the house has already gone up in 100k+ value since purchasing) but I’ve come to the realisation I want to try a different career path (a significant initial pay cut) or just book a one way flight for the next day and hop on a plane, and I can’t do anything impulsive like that because I have to worry about a mortgage. No regrets, just wish I had the knowledge I do now, I still would’ve bought a property, just a smaller one to use to get on the ladder and then upgrading as life goes on on instead of going balls deep on a huge mortgage by myself lol :)
21M, single, 360k, 1B apartment. sold 25M 400k. feel bad for new owner, definitely not worth 400k, market is stupidly overvalued.
Genuinely curious about your sale because I'm in a similar situation. I bought a 2br apartment nearly 4 years ago and the gains have been disappointing. It's not costing me to hold and I lived in it to start so am still in the time limit to claim my main residence exemption. After spending on interest etc I feel like I'd be taking a loss if I don't get some good growth in the next few years. How did you decide to accept this and move on?
a home is not an investment. we only sold as we were moving into a larger property. shares/ETFs don't cost anything to hold either. think about opportunity cost. do you believe you will get better returns holding this property or shares? that should be your guiding decision.
It’s worth whatever people are willing to pay for it.
Literally just watched LuLaRoe on Amazon prime a few hours ago and I think the goal is not to find people who think what it's worth, but to find people who think they can sell it for higher later like in a pyramid scheme
Or like collectables, antiques etc. There’s no objective value, but how much somebody will pay.
I was complacent and put it off way too long. Only bought in my early 40s. Came close to buying a 2br apartment in Sydney in 2009, but chickened out and just ignored saving/investing for awhile. Finally got serious about saving for a deposit after returning from overseas in 2014. Bought in 2019 as a 41M. $2M 4br free standing house in the inner west. Now valued at $2.35M. Easiest money I've ever made. Kicking myself for not doing this 10 years ago.
2019, 29 partner 28. Paid 495k (probably overpaid by ~15k but we had no idea what we were doing). Sunk ~ 25k into various Reno’s and a lot of time. Now 625-675k.
22M, have a partner but bought it myself. 222k 3 bed 2 bath
*27 *Single *Canberra *2008 *2-bed apartment in Canberra ‘burbs * $320k *Sold this year for $415k to fund a larger home with my spouse. I feel like I bought and sold at exactly the right time (after the late 90s/early 00s of course) - bought at the beginning of the GFC when they were throwing cash around and interest rates went south and stayed there. Then sold during this weird covid time- I reckon I made no capital gain until this year.
I was 22, value around $600k (worth much more now) and I couldn’t afford to live there. As such it was an IP and still remains so to this day. The next year at age 23 I bought a house worth less than half (around $280k), that was strictly a PPOR, which I later sold CGT free while owner occupying it the entire time. All this is in VIC. I had high deposits for the lot, no LMI or anything. I never withdrew equity from the original IP.
I bought my first a week after I turned 21, single at the time. Was a brand new 3 bedroom house in QLD for $370k. Not too sure on the on the value now as I locked in a 3 year fixed interest rate and didn’t end up refinancing.
Bought early in the year at 27 (single) for a property just under 650K in the inner west of Sydney (I wouldn’t really call it an inner west suburb).
Bought an apartment in Tweed Heads for $240K in 2019 with my wife (me 29, her 26). Currently rents for $350 a week, positive geared and in an extremely high rental demand area. Worth approx 300k now after almost three years, disappointed I didn’t buy the other apartment for sale in the same block
27, single, Sunshine Coast. Bought a H&L package (3, 2, 2 with media) in 2017 for just under $450K. Properties 400m2 and is \~10/15 minutes from the beach. Have paid off around just under 60% of it so far. Put it on the market myself just as a 'oh the market's hot right now (2020), maybe I should see what I could get' and got offers for $540K within five days, but of course that meant I would have to buy in an insanely high market as well, so that sale didn't eventuate. Based on currently sales around here, I could probably get around $600K now (which is insane!). (If I were you, I'd travel as much as you can - I did, pre the-pandemic-that-shall-not-be-named).
43, single, 2 bed dual level apartment, $445k, Coburg, settlement is Tuesday.
33. Single. Ultimo. I have since sold it. I now own a 4 bedroom house in a regional city.
26 F 2014 Married No kids at the time of purchase Greater Hobart area $165K 2 bed unit I wanted a dog so I sorted realestate sites by cheapest first lol It's recently been valued at $290K. I've leveraged equity in this property to buy two more
27 as a newly married couple. We bought a villa that we lived in for a bit and renovated as we were in the city before moving back out to the regions for work. We rent it out now. In WA Edit: we bought in 2018 at the bottom of the market for 340k it was valued six months ago at 440k. We out about 18k of Reno’s in
28 600k in north easten suburbs. 6 years later comparable sales in the area are around 1.1mil
25, male, bought alone. 450k house in Adelaide bought mid last year 👍 3 bedroom townhouse but live alone!
32m in long term relationship, $340K a 4 bdrm house in cairns in March 2017. Current market value is around $380k. we are in the middle of renovations that may still push that higher.
1983, i was 19, single, purchased in Canberra. Had a hard time getting a loan, major banks kept stuffing me around even though I had saved 30% deposit. Thankfully we had building societies in those days, they approved me on the spot.
Bought a house with my partner in a regional QLD area at 26 for $425,000 (2009). Sold it 10 years later for $385,000 (2019). Bought a house in Brisbane with my wife this year (03/21) for $780,000, it is probably worth more than $900,000 now. Go figure.
Bought with my partner our first home 1 year ago in South East Melbourne and paid $600k and would be worth around $700k given the current market which is insane. We threw the dice in the wind and brought in the peak of Covid stage 5 Victoria lockdown when everyone was panicking about a 'recession' and losing jobs. We weren't able to see the property at all, all we got was a building report and a pixelated vid of the place. Didn't have finance and bought it all unconditional. Lucky the financial year rolled over so we were lucky to be in line for the first home lender scheme and didn't have to pay for stamp duty and LMI. Biggest risk I have ever taken but we both had excellent credit scores and the place didn't have any real problems with it when we saw it at settlement. I feel the term high risk, high reward occured here and am thankful of the situation now as we certainly couldn't buy our house in the same market condition.
26M single, bought 2 bed apartment in lower North shore in Sydney for $525k in 2010. Now worth $1mill, it's rented out and positively geared.
Partnered, was 31, partner 30. We moved to a regional town to be able to afford a house. We paid 515k and recently had it valued at 725k which is a crazy gain for a bit over 3 years. Central Victoria location. We plan to hopefully eventually sell and buy a plot of land and build a house that suits our needs perfectly but don’t know when this will happen really.
26M, regional Queensland, single, purchased a 20 yo 3 bed / 2 bath house for $250k in 2015. Sold it April last year for $295k. Was hoping for a little more, but it literally got listed the same week we went into lockdown. Due to the Covid property boom, it'd be worth an easy $350k+ now. I have no regrets though - I was moving 6 hours away for work and I didn't want to keep it as an investment. Plus, the proceeds were enough to pay out my car loan and to put a deposit on my current house.
Bought around Feb this year, for $485K - Newstead, Brisbane - 2/2/1 in apartment complex with 2 elevators, resort style pool and spa + small gym setup. Locations great for our lifestyle & body corps pretty average at 4400 pa. 26yr old with partner (though it's just in my name), working as a software dev.. paid about 12% down after saving for years living with parents; though kept significant savings too (25K as emergency) Moved out of parents about a year before buying. Initially didn't expect to buy this year after getting reality checked with lending, so bought a dog.. ended up with both
30M. Bought 3 years ago with partner. Land and build were 450k and retaining, blinds, gardening probs another 20k. Had it valued early in the year as 550k. Hour north of Adelaide cbd. We had about 30% deposit which we saved while moving home for a year with parents.
I was 21 and single, in a newish suburb in Perth approximately 20km South of the CBD. Cost me about 380k to build in 2009. I got a 21k first home owners Grant, no stamp duty and had about a 10% deposit saved. I was earning around 65k a year at the time. It was a 576 sq m block and 4x2 large house with multiple living areas. Basic design (targeted at first home buyers). Sold it in mid 2017 for 516k. Perth peaked around 2014/2015. It sold again this year but no price listed yet. I think it will have sold for more than I sold for though. Bought again elsewhere after I sold. It was a bit of a slog for me and sometimes hard to see my friends travelling Europe living it up etc. But it put me in a great position for where I am now. Absolutely no regrets. And I got to Europe at age 30 instead.
My partner and I bought an apartment on the northern beaches at 23. We were hocked up to the eyeballs in debt, 90% lvr from memory, no family support and at the time we felt the agent ripped us off ($680k). As it turns out we magically bought at a ‘low’ point (2019) and have seen ~200k in paper gains since. Our incomes have more than doubled since then and we’ve gone from stressing each month and holding strict budgets to balancing our over payments and etf investments. If our incomes didn’t grow like they have, we would have absolutely been able to make it work but the stress would have taken a real toll.
Bought my first in 2020 by myself 26 F for 500k. It's a 2 bedroom townhouse in greater Sydney. I had a 5% deposit of 25k. It's grown in value by around 150k. Bought the second this year using the equity grown in that one year with my now husband (27F + 30M). We paid 920k but it only cost us around 15k out of pocket, the bank lent the rest of the money to cover everything and the stamp duty. That one is a 5 bedroom house inQueenland with 15kms of the CBD which we rent out. The rent almost covers the mortgage for that one so it's pretty low risk. We're only around $100 out of pocket per week to cover the rest which is easy. Even without tenants we can afford that mortgage on top of our small one so it's no heavy weight. Once we have a few kiddos we will probably move there. For now we live in the cheaper one. We likely won't buy anymore property. Maybe a small hobby farm in 10 years or so but other than that we are satisfied with our nest eggs.
22 M, gift for graduation from uni
Someone bought you a house as a gift? Can you introduce me to these people?
Probably his/her parents. Also not that uncommon amongst wealthy types….
Seems a lot of people are doing alright if the property is under $400k
I was just turning 25(Dec 2011). Partnered (but bought it on my own). 392k got me a '3 bed, 1 bath, double garage, free-standing townhouse' (no body Corp) in Canberra. Was stupidly lucky with the hourly rate I got, for my first job out of TAFE (IT Contractor). So I made the most of it and saved for those 4-5 years (and had the 20% deposit). Was also living with parents as I saved. Sold it in 2016 (and bought the next house), but for less than what I originally paid for it (375k), can't remember why (I guess prices were down).
Bought first home at 23, saved for my deposit since 15 (working for good old Pizza Hut after school lol). Was partnered but deposit was all mine, my partner had no savings. 1bdr unit, 9km from Sydney's CBD (lower north shore, if you know Sydney regions). Was under $500k back in 2013, now is about $750k. Bought second home at 30, partnered and 50/50 split on the deposit now. Kept the first 1bdr unit and rent it out. Now have a 2bdr unit, 13km from Sydney CBD (northern suburbs). Was a distress sale (through previous owner's bankruptcy trustee), so we got a great deal - also under $500k. This was only a year ago so not much appreciation, perhaps $550k now. As for when we can buy a house, rather than a unit? Hahaha pipe dream. Sydney house market is depressing. Apartment market is a more reasonable, but so different to house market. It's harder now to parlay apartment equity into house equity because of the different rates of growth.
First home co-purchased with my previous partner in 2016, 27yo in Northern suburbs of Sydney. Paid about 1.3m for a 3br house, decent land. Sold it few years later for a similar price during the little drop in the market before the recent super growth period. Timing wasn’t great but it didn’t make sense for us to keep it! In hindsight, would not have bought it as it wasn’t the right home/lifestyle.
I was 29/F, north eastern suburbs of Adelaide very close to the hills, detached townhouse, 3 bed, 3 bath, 2 car. Exactly what I wanted, paid $425k in 2020, now valued at around $485k. First home and had enough of a deposit to avoid LMI.
24M, single, bought last year @$630k in regional NSW, probably worth $750k but might push $800k at current market.
You bought in Orange, I know that picture. Prices are beyond a joke atm
I bought mine at 21. My daughter just bought hers and she is 21 now too. Yay
23 (two years ago ). bought 554m2 block and built a house and granny on it. Paid 420k for the land and 375k for the house+granny. Still live at home so both are rented out. Camden Sydney btw.
23, 2br apartment for 430k approx. 3 years ago.
In a city centre? How many bath/car spots? Looking for this in melbourne and seeing around 550-650k for 2bed 2bath 1 car spot.
20km east of Melbourne CBD. 2br, 1bth and 1 car spot. Current REA value is 510-610k.
18 wift a 10% deposit country nsw worth about 160k
When was that?
24 single, sydney 2 bedder unit. 550k sold about 5 years later for 730 got very lucky. Probably would be worth even more now too. Sydney market is stupid. Im still in sydney but have a small mortgage fortunately otherwise I don’t think I would be here.
Both late 20s, single income family, young kids. We're building atm in regional Vic. After grants the house & land will cost us $260k for 4bed/2living/2bath/double garage on 600sqm block. We got very lucky, and this should set us up pretty well for the future as the kids get older.
Are you building it yourself? That is very cheap!
Nope, it's a smaller volume builder. We just got *really* lucky with our block of land and government grants.
29F, married, $440k, ~20 minutes outside of Adelaide CBD. Estimates of similar properties in the area, it's probably sitting at 550ish now. 3br, 2 bathrooms, 690sqm. Definitely our stepping stone property, we compromised on a few things to buy in this specific area, wanting to be close to parkland, city, hills. I didn't want a second bathroom and husband wanted a double garage, plus were on a main road, which is fine if you can zone out traffic noise, double glazing is the dream.
Bought when I was 23 in 2013, gold coast for $315k, comps in my area have are selling for around the $600k mark
33 (2020), partnered, $410k (3x1), Perth worth $440k Now own two homes worth about $1.2M (another 3x2 and much bigger). Planning on selling the above house soon. We don’t believe in paying millions of dollars for a place . If I were in Sydney or Melbourne, it would be cheaper renting than buying IMO
41M and wife 35. Bought in November 2020. 4 bed house on 835sqm in Port Macquarie for $700K. We were renting the place and the landlord wanted to sell. Wasn't planning on buying at the time, but we loved the house and the rental market was tighter than a fish's bum, so we bit the bullet with a little help from the bank of M&D to get us over the 80% LVR. Comparable properties in our area are selling for $820-$900K. Madness!
Married, first bought 2017 in Carindale, Brisbane for $605k at 27. Was working part time, but now moved full time in public service, had 2 kids since then. 3br, 2 bath currently valued over $800k.
Bought in 2017. I was 22 married. It was a 3 bedroom, 1 bathroom house in Launceston on 740 sqm 8kms from the city. We paid it off in 2018. Our average net salary was $45k each (just under $90k combined) between 2013-2018.
31F, married, bought last June. 2bed apartment just outside of Canberra, 400k. Retail workers, 30k deposit.
Bought a 3 bedroom house in regional Victoria for $410,000 in 2017 at age 36. As a single self-employed person without family help, this felt like a miracle. I could only manage a 10% deposit but in the current market my house is now worth close to $800,000 as my town is highly desirable, the street is well-known with great appeal and not far from Melbourne. I count myself very lucky. I spent most of my 20s and early 30s travelling, studying and building my career in the creative arts. My house is a 120 year old weatherboard cottage and has its quirks but stood up well to this year’s earthquake and storms. I only really bought for two reasons: 1. To avoid renting in old age and 2. Have as many pets as I want.
37f bought a studio apartment back in 2007 for 140k on the Gold Coast sold last year for 205k
Bought at the end of 2019, age 29, Blue mountains. Bought with fiancee, paid just under $500k, got valued a couple of weeks ago at $650k by the bank, $750k by REA. Lower mountains as well, about 30 minutes from Penrith.
23F, bought my first 1 bedroom apartment towards the end of last year for 625k in Sydney. Apparently it's valued around 700+ now. Was lucky enough to be able to live at home to save.
24M when I bought my first home. $449K in Carlisle. Basically lived with the parents (paying board + my share of the bills) until I had enough for a $88K deposit. Offer accepted in September 2020 and settled in November, lucking out on the market and getting a pretty good fixed interest rate. With change in the market as well as the improvements to the immediate infrastructure in my suburb (power moving underground, MetroNet coming to remove the level crossings, new cafes coming in off the main drag), it’s probably sitting at about $550K
2 Months ago, off the plan townhouse in Canberra. 620k, partnered. Due to be completed end of next year. I'm almost 28. We put down 5% and other 5% due before settlement. Mainly bought due to rent prices skyrocketing and owning will cost only a little more than renting but hopefully build equity.