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  1. #31
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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.
    Quote Originally Posted by Cue View Post
    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.
    I can't talk for Sydney as I'm a Viccie, and don't know the Syd market.... but I think its a bit in our nature these days to "want it all".... we want the house, but also the lifestyle, and all the modcons... and unfortunetely something has got to give!

    When we entered the home owners market about 8yrs ago, we were living in Melb.... but actually decided to move to regional Vic, as the houses were much more affordale- DH continued to commute, I relocated my job (although I did start commuting again for a better job after a while)... it enabled us to buy a house much cheaper- and pay off a big chunk of it.

    Now we are still regional (and loving it) but we own a house worth well over 450k here, and have a simple but settled lifestyle.

    Its all about finding a way to enter the market- sometimes that might mean relocating for a few years till you can build up some equity (and living the simple life)- no one can expect to jump in at the high end unless you are on some large exec wages.

  2. #32
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    My husband and I bought our first house in Sydney when I was 22 and he was 27. We paid $300k then. Took us 12 months to save a deposit while renting and we had no savings when we moved n together. We also dropped down to one car as we both had car loans. 3 years later we built a $500k gorgeous house and have two newish cars. We both worked hard during that time and had minimal expenses. Definately can be done.

    Obviously you need to buy in outer Sydney to do this. We are 40mins from the city.

    You also need to be prepared to have a basic home to begin with which is what we did.

  3. #33
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    Quote Originally Posted by SalTheGal View Post
    I can't talk for Sydney as I'm a Viccie, and don't know the Syd market.... but I think its a bit in our nature these days to "want it all".... we want the house, but also the lifestyle, and all the modcons... and unfortunetely something has got to give!

    When we entered the home owners market about 8yrs ago, we were living in Melb.... but actually decided to move to regional Vic, as the houses were much more affordale- DH continued to commute, I relocated my job (although I did start commuting again for a better job after a while)... it enabled us to buy a house much cheaper- and pay off a big chunk of it.

    Now we are still regional (and loving it) but we own a house worth well over 450k here, and have a simple but settled lifestyle.

    Its all about finding a way to enter the market- sometimes that might mean relocating for a few years till you can build up some equity (and living the simple life)- no one can expect to jump in at the high end unless you are on some large exec wages.
    This is me and DP exactly

    I think any committed working person can buy a house. But it is about sacrifice. I did it and sacrificed a lot. But it really was the only way to get in the market.

  4. #34
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    We haven't bought a house but we moved out of Sydney because as far as we could see buying a home in Sydney was not in our life time. I had friends on $100k+ combined incomes saying there's no way they could afford a basically sh!t box in a reasonable area. To buy would mean commuting 1 hour+ a day, from a bad area, in a crap home, with a huge mortgage. That's not being fussy, that's wanting at least some quality of life for our family.

    We'd happily have something small that needs work though, in a safe neighborhood with a reasonable commute.

    But really - our long term plan at this stage is its cheaper to rent, if things break we don't have to pay for it, we only need to insure the contents & can relocate easily if needed.

    So basically while we have kids we'll rent what we can afford, and when kids leave home we'll buy a 2 bed unit somewhere and pay it off as a retirement plan.

    (or buy it sooner as an investment, rent a larger home while kids are at home)

    But we've even been looking at rural areas in QLD, as PP said, to get a foot in. But it would depend on my DF being able to get work.
    Last edited by Boobycino; 11-12-2011 at 07:52.

  5. #35
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    Quote Originally Posted by zombiekitty View Post
    I'm guessing you don't live in Sydney?
    I'm fairly certain she is in WA with me

    Was this thread for people who live in Sydney only?

  6. #36
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    I'm never going to be able to afford a place in Sydney!

    I'm just going to keep renting in the place I like living and *MAYBE* if DP and I play our cards right, one day we'll be able to afford something.

    But my parents live about as far out as I could go and the median property price there is $800k.

    Sydney is impossible.

  7. #37
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    The Sydney market is impossible to get a foot in the door ... Which is why we are buying a positively geared investment property elsewhere to begin with. Its capital growth will allow us the freedom to buy a home that we actually want to live in.

    I am with Boobycino: what's the point in owning a house if it is a bazillion miles away from everything and you no longer get to see your family because of the commute time?

    We are on well over $100k combined income, and are extremely frugal and minimalistic in our spending, but there is just no way we could afford a $450k mortgage. It really is quite unachievable if you aren't lucky enough to have had financial support from your parents or come into a large sum of money early on.

  8. #38
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    we bought our first house for $735k and used a vendor loan.
    now we own a few places and rent this one... but come april will buy this one for $950k.
    a vendor loan makes it easy at first.

    no one gave us a lump sum or help.

  9. #39
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    What's a vendor loan, Berylsmum? I've not heard of that before ...

  10. #40
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    Quote Originally Posted by BerylsMum View Post
    we bought our first house for $735k and used a vendor loan.
    now we own a few places and rent this one... but come april will buy this one for $950k.
    a vendor loan makes it easy at first.

    no one gave us a lump sum or help.
    What's a vendor loan?
    Are your landlords not selling now?


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