A woman has revealed her frustrations about being unable to get her hands on a ‘decent’ property even with almost $100,000 in savings.
The unnamed 30-year-old was stopped on the streets of Sydney and asked about her aspirations in the real estate market.
She revealed she had saved $95,000 before admitting it still wasn’t enough for her to get a foot on the property ladder.
‘I think that you are sold the lie that you work hard, you save a lot of money and you’ll be able to get into the property market because that’s exactly what I’ve done,’ she said in a TikTok video shared by property app Coposit Street.
‘Right now it’s still unattainable, especially for a single woman.’
‘I think that you are sold the lie that you work hard, you save a lot of money and you’ll be able to get into the property market because that’s exactly what I’ve done,’ the woman said
The woman said she was initially undecided whether to maintain her current good standard of living or buy a property
The woman has a point with Sydney’s median house price of $1.442million so dear a buyer would need to save $288,391 to even have a 20 per cent mortgage deposit.
Even then, an individual borrower would need to earn $221,839 just to qualify for a home loan and still be in mortgage stress despite being among the top 3 per cent of income earners.
That means only couples can afford a house unless an individual was a particularly high income earner.
She said she was initially undecided whether to maintain her current good standard of living or buy a property.
‘So I’ve decided to pause and do some extra study of masters so I’m able then to live better, hopefully in the next five years,’ she said.
The woman said even the current entry level housing prices has put her off.
‘To even get into something decent even like a two, three bedroom townhouse. It sounds like $650,000,’ she said.
‘If you haven’t kind of already bought a house and have that equity.
‘Even with what I’ve saved, it’s really hard for the banks to loan you that much for what you need.’
Sydney’s median house price was tipped to hit a new record-high of $1.933million in just three years (pictured is the Sydney Harbour Bridge as seen from Observatory Hill)
A University of Melbourne’s Household, Income and Labour Dynamics in Australia (HILDA) survey revealed 54 per cent of men and 47 per cent of women aged 18 to 29 were still living with their parents.
The rising cost in housing was listed as one of the contributing factors.
The future is not looking promising, house prices tipped to surge by more than a third during the next three years with Sydney’s median price set to hit almost $2million.
Oxford Economics Australia is forecasting that the city’s median house price will hit $1.934million by June 2027, with Perth reaching $1million.
That’s up from $1.442million in May for Sydney and $769,691 for Perth in CoreLogic’s median house price data.
