Every morning when I wake up with a cup of coffee I open up the Sydney Morning Herald website and scroll down to the property section. Every article about the movement of property in Australia has a plethora of comments from readers whinging and complaining about how expensive and unaffordable property is in Australia. Then there are articles stating that today’s generation will not be able to buy their own home, and the comments from readers making up excuses to why they cannot afford property- it’s the governments fault, it’s the taxation system, it’s the investors, it’s the foreign buyers, it’s the population growth/immigration etc etc.
Last week, my fellow gen-Y friend purchased a $490,000 property. She has been saving since she was 16 and she is now 24. She goes out to dinner and movies with us, travels overseas and goes on holidays at least once a year. Instead of complaining about how expensive property is and spends all her money on alcohol or clothes, she pays herself first. She puts a set amount into an untouchable account each pay week and spends the rest. Simple.
All around Australia there are properties ranging from $50,000 to $50 million. First save, then when you are ready to invest work out how much you can afford. Then find a property in the price range and do your research. It may not be the dream home you were hoping for but not many people buy their dream home first. It’s simply a stepping stone to purchase more property and hopefully buy that dream home one day.