Post to Facebook on 29/3/2019 at 8:44 PM
Commenting on "Melbourne first-home buyers need to save for nearly six years for average house deposit"
https://www.domain.com.au/news/report-melbourne-first-home-buyers-saving-for-less-time-to-get-into-the-market-813478/
My first house was about $40,000, but my pay after university graduation was $5,200 pa. I could only borrow up to 60% from the bank, and no other mortgage companies existed.
Bank managers were like gods, and real estate agents then, well, were just about the same like how real estates agents behave now!
The following writing is not included in the original blog posted to the Facebook group.
Is it likely that a first-home buyer couple can save $282,000 as deposit in 13 years and 11 months to buy an entry-level home of $1.41 million in suburbs including Balwyn, Glen Iris, Kew, etc? I am not sure how realistic this is and how it is calculated, because there are so many unknown parameters, such as inflation rate, wage increase, technological advancement, immigration intake, and local and global economic situations. However, one thing for sure is that anyone relying on just working in their normal day-to-day job and saving hard with minimum expenditure will not achieve it. Within this time, the family may grow in number with extra mouths to feed and a lot more expenses incurred.
I advise first-home buyers not to aim high unless they foresee they have a windfall coming, or else they should get in the real estate market as soon as they are able to pay for the deposit of a landed property, even if it is a small one. Before any new members come along, work much harder to pay off the mortgage and get that burden off the shoulder.
For a log time, I have stressed that one must invest in landed property NOT airspace such as in multi-storey apartment. It is also important NOT to buy in a fast rising market, because most of the properties are overpriced.
Thank you for reading.
Commenting on "Melbourne first-home buyers need to save for nearly six years for average house deposit"
https://www.domain.com.au/news/report-melbourne-first-home-buyers-saving-for-less-time-to-get-into-the-market-813478/
My first house was about $40,000, but my pay after university graduation was $5,200 pa. I could only borrow up to 60% from the bank, and no other mortgage companies existed.
Bank managers were like gods, and real estate agents then, well, were just about the same like how real estates agents behave now!
The following writing is not included in the original blog posted to the Facebook group.
Is it likely that a first-home buyer couple can save $282,000 as deposit in 13 years and 11 months to buy an entry-level home of $1.41 million in suburbs including Balwyn, Glen Iris, Kew, etc? I am not sure how realistic this is and how it is calculated, because there are so many unknown parameters, such as inflation rate, wage increase, technological advancement, immigration intake, and local and global economic situations. However, one thing for sure is that anyone relying on just working in their normal day-to-day job and saving hard with minimum expenditure will not achieve it. Within this time, the family may grow in number with extra mouths to feed and a lot more expenses incurred.
I advise first-home buyers not to aim high unless they foresee they have a windfall coming, or else they should get in the real estate market as soon as they are able to pay for the deposit of a landed property, even if it is a small one. Before any new members come along, work much harder to pay off the mortgage and get that burden off the shoulder.
For a log time, I have stressed that one must invest in landed property NOT airspace such as in multi-storey apartment. It is also important NOT to buy in a fast rising market, because most of the properties are overpriced.
Thank you for reading.
