Property investment right now is tough for the renting, average income earners in their 30s trying to buy their first property. So, what does it take for a young person to break into the market?
• Avg. young couple may have to skip eating out, holidays, drinks with friends, etc. in order to save a deposit & rent in the capital & pay $400-$450 weekly rent.
• A 30-year-old part-time law academic, author & successful entrepreneur w/ $200,000+ savings couldn’t even get a mortgage for shoebox studios in Sydney for she’s deemed financially ineligible.
• Yet, a 24-year-old, who started saving for her first property deposit in high school, has 2 investment properties already & is in the process of buying her third, using the equity from her first & second.
• She says investing in property takes quite a bit of sacrifice, strict saving and planning – “The earlier you start, the sooner you will be able to get your foot onto the property ladder.”
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