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  1. #21
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    I don't know how any average income family could get that as a first home? Most people would start out small and cheap in the outer suburbs surely. I live in a dumpy outer suburbs place which cost bugger all. Gotta start somewhere.

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  3. #22
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    We were really lucky my husband works in an industry that pays very well. Its short term, but hopefully we will pay the house off quickly while he's doing this job. Ours was just under $600k, we're 20 mins out of the city, basic (but nice) 3bdrm house in a decent, but not flash suburb, and I don't know how people afford anything more than this. Obviously there's a lot of money around somewhere!

    I honestly think if we couldn't afford to buy, I'd just rent in a decent area with good public schools rather than live somewhere crap with crap schools just so I could own a home.

    It saddens me that buying a home is so out of reach for most people. Where I am from, housing was so so cheap 8-ish years ago, and now its so expensive. It makes me sad for all my friends who have lived there since forever and will probably never own a home because its too expensive now.

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  5. #23
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    Quote Originally Posted by TripleTime View Post
    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.
    True true. But out here a lot of people are not fussy. Having a roof over their heads that they own is a dream all on its own. When I said basic I mean just an old house with 3 bedrooms that's it. Like nothing else.

    And believe me this is about as far out as most people want to go. It's on the wrong side of parramatta... Lol. It's not as bad as people make out tho.

  6. #24
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    we bought for just under that. and we struggle alot.. but that was a given for mortgage with 1 income & 4children.

    our youngest starts school in 2013 so i will be heading to work then. i was hopeful to pick up nightfill shifts next year but with hubs work its unpredictable and he could be flying out for a few days to a month with only 2 days notice.

  7. #25
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    I think if you really want to buy you can do it. If money's tight you need to be prepared to get something that needs work. We have 2 properties in Sydney (north west) and we're not exactly loaded. It's often about research, patience and planning. We saved hard for the deposits and bought in good growth areas. You do have to compromise but it's not as impossible as it seems.

  8. #26
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    I was lucky enough to be given a $50k deposit for my first property when I was 19. I bought a little unit close to Brisbane's CBD for $144k in 2002 and sold it 5 years later for $320k. That little unit turned into our first house, a renovator in a good suburb. We did that up and sold it for a modest 30k profit. As it is we live in a pretty crappy house in an okay suburb that is worth around $450k. There is no way we could afford to rent this house while we're on 1 income and we hate it! No idea how the average couple are meant to get onto the property ladder if they don't have some parental assistance or inheritance.

  9. #27
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    I think it's hard unless you have 1 high or 2 average wages. And you don't get much. Our house desperately needs renovating.

    We bought our current house in mid 2009 for $467k, but we only borrowed $300k. We were able to do that as we bought a unit in 2006 for $250k (borrowed $200k) and sold in 2009 for $377k. We were just lucky with timing, and have lost some of that equity now due to decrease in property prices.

    my dream houses are at least $800k, but that is increasingly seeming unlikely, given that we both work part time and want more chidren.

  10. #28
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    We do it because we both having professional jobs and DH has a high income. My income is disposable income and DH's is used for the bills and mortgages.

    We are building another house next year and that mortgage will be a crazy amount (I cannot even bring myself to type it lol) but it will be the house that we plan to live in for the rest of our lives and being located near the ocean itwill only ever increase in value.

    I don't think there is anyway people on average incomes could afford a house over $450k unless they have a significant deposit behind them. For me owning property is important but you have to be realistic about what you can afford. It is great to have a nice house but what is the point if you cannot afford to do anything in life other than to work to pay a mortgage.

    I worry about my son and any other children we may have and their ability to own a home so I plan to use an investment property to help them out when they are older.

    The house prices have to stop rising eventually as the wages simply are not increasing at a quick enough rate to match the prices.

    Australia, well the metro area anyway, may just follow the path of many other nations and become a market where the majority rent and leases 10+ years will become common place.

  11. #29
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    IMO some people ( i think more so the first home buyers) see that they are able to borrow alot more than they can afford and they think, wow that's great and go out and buy a house at the top of their budget range. We own a house, have one investment property and were told by the bank when we asked (for another investment property) that we could borrow up to 980k.. I could buy a mansion for that in Perth but wouldn't as our repayments would be ridiculous! I think people need to start out small and work their way up.. Unless of course you can afford it in the first place.

  12. #30
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    Quote Originally Posted by bumMum View Post
    I don't know how any average income family could get that as a first home? Most people would start out small and cheap in the outer suburbs surely. I live in a dumpy outer suburbs place which cost bugger all. Gotta start somewhere.

    Sent from my BlackBerry 9100 using Tapatalk
    I'm guessing you don't live in Sydney?


    Sent from my iPhone using Bub Hub app


 

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