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  1. #11
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    We brought a smaller house and then sold it for a 280k profit at the peak of the boom. not bad for a 2 year investment. (we never been on anything above a combined 48k a year)

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    Janesmum123  (10-12-2011)

  3. #12
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    Quote Originally Posted by Janesmum123 View Post
    I think also the bills this generation has are much bigger. Health insurance, well every insurance there is. Phone/mobile/Internet etc.
    Very true all our bills per fortnight is a huge amount, these days most familys have 2 cars - to register, insure and mantain 2 is a high cost!

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    Janesmum123  (10-12-2011)

  5. #13
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    We paid 520 000 for our house but it wasn't our first house and we had a large deposit.
    I don't see how average people could afford a full 450 000 mortgage.

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    Janesmum123  (10-12-2011)

  7. #14
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    The only way we could afford the deposit was to borrow from our family. Half of our deposit was paid by FIL, who we will pay back interest free. There was no way in hell we could have bought otherwise, even though we can afford the repayments. Oh and we scraped onto the bottom of the ladder at this price, this is nowhere close to our 'dream home'

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    Janesmum123  (10-12-2011)

  9. #15
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    My partner earns good money. He had saved up well over 100k before we met. We bought our first house in 2007 for 415k. It was a tiny 2 bedroom shoebox on tiny land. We had to move away from the area we were living in, but we chose a good area to move to, not far away but one that still has the things we used to live near to like the city and the beach. We paid a lot off that first house and used some of my partner's money for the deposit. We sold and made 35k profit and bought a bigger house in the next suburb for 550k, but only borrowed 470k. We are now doing a first floor addition on the property we bought and our mortgage will be 635k when it's finished. I've done a very strict budget for us next which includes extra mortgage repayments and savings, and still leaving us with about $300 disposable income each week to share.

    The banks are a lot more reluctant now and the only thing that helped us get approved for an extension loan was the fact that we paid $150 a week extra off our mortgage, which showed that we could make the repayments for the extension.

    Which areas in Sydney do you want to live?

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    Janesmum123  (10-12-2011)

  11. #16
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    We bought it when I was 28 and DH was 36 years old so we were quite old and had saved a bit.

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    Janesmum123  (10-12-2011)

  13. #17
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    It's not really me, its more in general. I would live in Sydney south west and do live here. But even in my area you won't get a house for under say 420k. And even that will be really old and small. Some houses around me sell for 440-480k that's for a 3 bedroom house, yard, old but brick and with potential where you don't have to spend 100k to fix it.
    I would be happy with a 3 bedroom unit in parramatta or north parra but that's still over 400k. What can you do. I'm lucky to have what I have.

  14. #18
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    Quote Originally Posted by lemongrass View Post
    We bought it when I was 28 and DH was 36 years old so we were quite old and had saved a bit.
    Lol hun 28 is not old.

  15. #19
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    Quote Originally Posted by Janesmum123 View Post
    Nope most people just want an old 3 bedda they can do up. Nothing fancy. The most basic house you can get really. Well people I know anyway.
    And not even in a "good area".
    I know a lot f first home buyers who everything 'just so' in their first house, they arent willing to compromise on anything. Has to be right & right now. They arent willing to wait.

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    Janesmum123  (10-12-2011)

  17. #20
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    We sell houses/units to loads of first home buyers, average price is around the $550k range, the majority borrow over 80% , we see a few whose parents do give/help them out, I'll always remember one couple bought a duplex for $750 as their first home , both had really good jobs at the time but we had to sell it for them 3 years later as she lost her job and they couldn't afford the re payments anymore, we have been seeing that a lot more recently , especially when babies come, I often wonder how they can afford these houses and I sell them!

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    Janesmum123  (10-12-2011)


 

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