Latest news with #homeownership
News.com.au
7 hours ago
- Business
- News.com.au
‘I had no knowledge of how to save or buy a house': 21-year-old's huge housing win
Buying a house is an achievement for anyone, but for one young Australian woman, it was about breaking a viscious financial cycle she has been in her entire life. Jessie, 21, grew up in a housing commission, and when she bought her first home, she was overwhelmed with a sense of achievement. There was no bank of Mum and Dad to help her buy a property, and everything she learned about savings and finance began with her. 'I came from nothing and made something so special happen,' she told Getting ahead financially without inherited wealth is a huge feat, according to financial comparison website Finder, with 44 per cent of investors receiving parental support compared to 29 per cent of non-investors. Interestingly, 10 per cent of investors credited marrying well or receiving an inheritance as the primary factor behind their net wealth. Jessie, alongside her partner, saved a combined $73,000 to buy their first home together in the regional city of Bathurst in NSW. 'Growing up in housing commission, I had no knowledge of how to save or buy a house,' she explained. The 21-year-old said that it wasn't until she met her partner and his family that she was 'introduced to the idea of buying a home,' and in the beginning, it felt like an incredibly overwhelming goal. Jessie said a big factor in helping the couple save for their house deposit was living with her partner's parents rent-free for a period of time. It wasn't a quick fix, though. The 21-year-old is studying to become a paramedic and is balancing work and study, so it wasn't as simple as working herself to the bone to earn extra cash. She had to learn to save what she'd always been earning. 'Every fibre in me wanted to give up and just rent but I pushed through and eventually saved enough,' she said. 'Now I have a home I can call mine and won't worry about moving every months. It is so special.' Jessie said she contributed $23,000 to the deposit, and it took her over a year to save up and was a constant struggle. 'The shift for me was hard I struggled constantly and kept dipping into it for things I needed,' she said. 'I'm very fortune enough to have a job that pays well. I learnt to put away $1000 a fortnight out of my pay cheque.' Jessie explained that she'd only ever known how to live pay cheque to pay cheque, and she had to shift her mentality. A turning point for the young homebuyer was once she hit $5000 in savings. She started to enjoy watching her savings account grow. 'I hated seeing it dip under!' I learnt to love seeing my money grow,' she said. One big thing that helped the 21-year-old along the way was enforcing some accountability. 'If I could give any tips, it helped early on when I struggled with spending it to put it in a double sign account at the bank and have someone who you can trust come in and co-sign,' she said. 'Meaning you can't take money out of that savings account unless you and the co-signer go into the physical branch to get it out.' Jessie added that she was 'grateful' to grow up in housing commission because it has taught her to appreciate what she has now. Online, Aussies were genuinely thrilled for the young homeowner and were quick to acknowledge her hard work. 'You inspire me so much. I'm currently living in that pay cheque to pay cheque life,' one wrote. 'I'm so proud of you,' another said. 'Your younger self must be so proud,' one noted. 'Came from exactly the same thing' someone else said. 'Seriously, such an amazing achievement,' another praised. 'Congrats! I come from similar circumstances and purchased my home at 43,' one said.
Wall Street Journal
18 hours ago
- Business
- Wall Street Journal
Give Carriage Homes a Shot
Veronica Dagher hits the nail on the head in 'Entry-Level Homes Are Still No Bargain' (The Property Report, May 28). In Noblesville, Ind., where I serve as a city councilor, I'm working to legalize carriage houses. Our 202-year-old city embraced these small, secondary units until zoning codes eliminated them. The wheel doesn't need to be reinvented when the solution is, literally, already in our own backyard. These units cost considerably less than single-family dwellings and create accessible points into and out of homeownership while preserving neighborhood character. They also have the potential to provide rental income to help property owners afford their mortgages. Few cities and towns are immune from rising material costs and expensive land. But we control zoning and permitting. We should expand housing options without compromising community character.
Irish Times
a day ago
- Business
- Irish Times
Irish abroad: ‘One local called me a potato eater . . . ironically, he was eating cheesy fries at the time'
When I first moved to the UK , I said I'd give it six months. Now it's been six years and I'm starting to wonder if I'll ever leave. Last year I was fortunate enough to buy my first home. The elation of the achievement was tempered by the fright of having done so in London. I don't remember making a conscious choice to stay here permanently, but maybe this is it. Milestones like these hammer home the reality of living abroad. Detached from my support network, out on my own. Back in Ireland , I'd have had an instinct for the property market in terms of location and what an area might be like to live in. My parents might have popped along to a viewing and offered an opinion on how much they felt the apartment was worth. READ MORE Buying over here left me at the mercy of English estate agents. With their severe haircuts and ill-fitting suits, they look like they're running late for an Andrew Tate seminar. It starts with an oily handshake, then the lies start. 'The sellers have turned down multiple offers already.' 'The neighbours are all really lovely.' 'I kissed a girl at the weekend. No, you don't know her. She goes to a different school.' Cillian Murphy moved his family to Cork when his kids started speaking with posh English accents. I can only imagine the pain. Of course, I wouldn't abandon my child if they spoke like that, but I'd probably love them 10 per cent less. 'Papa, take Poppy and I to Waitrose to buy hummus. I'm ever so hungry.' My real fear is staying in the UK so long that I go full Pierce Brosnan The urge to put him or her in a basket and leave them on the steps of a church would be overpowering. The lilt of our voices is the birthright of any Irish baby. How we sound is our only natural advantage when we move away. Without it, we're just freckled alcoholics with translucent skin, doomed to walk the earth for eternity in a state of bleary-eyed shame. Nosferatu in an Aran jumper. Murphy was right to take his children home. It was the humane thing to do. The accent is our superpower. Meandering, dull stories become charming. Incoherent mumbling is mistaken for poetry. Birthing a baby with an Irish head but denying them the accent is an act of child cruelty. This is not universally true. There are those who hear the gentle rhythm of our speech and are overcome with a poisonous envy. Years ago, I was standing outside a kebab shop in Western Australia when a local turned to me and called me a 'potato eater'. The irony was that he was eating cheesy fries at the time. Who knows if I'll have a child or not. My real fear is staying in the UK so long that I go full Pierce Brosnan. So far removed from my origin that I become an awkward facsimile of myself. Half-remembered visions of my childhood blurring with drunken fever dreams. Perched on a barstool in a silk cravat, waxing lyrical about the old country to anyone who will listen. 'I do miss Éire,' I'd slur. 'My father built our family home from clay and sticks on the banks of the River Liffey. I often wonder if it's still standing.' Perhaps I should reflect less on what I might be losing and consider what it is that I've gained by leaving Ireland. [ The Irish diaspora setting up and running businesses abroad Opens in new window ] [ The New York island that is the final resting place for thousands of Irish emigrants Opens in new window ] Living in a foreign country gives you the chance to look at yourself a little differently, to try doing things another way. Part of it might just be a function of getting older. But, since living in London, I've definitely taken chances that I never did back home. Starting a new life is hard. Emigrating forces you to get comfortable with being uncomfortable. It's challenging, but you might just surprise yourself with how much you can handle. When things feel like too much and you feel like going home, that is actually the very moment that you should stay. Unless, of course, your kids start sounding like they're in Downton Abbey. Then it's probably time to go. Sign up to The Irish Times Abroad newsletter for Irish-connected people around the world. Here you'll find readers' stories of their lives overseas, plus news, business, sports, opinion, culture and lifestyle journalism relevant to Irish people around the world If you live overseas and would like to share your experience with Irish Times Abroad, you can use the form below, or email abroad@ with a little information about you and what you do. Thank you
ABC News
a day ago
- Business
- ABC News
How a $10,000 block of land has given me freedom
I always thought that by my mid-20s, I'd have a life like Monica Geller from Friends, living in a cosy apartment in Sydney's bustling CBD. But life had other plans. I suppose that's the beauty of being young and naive; when you're in your early 20s, you believe life will turn out just as you imagine, even when reality suggests otherwise. For me, reality was loud and clear: "You can't afford to rent, and you're not eligible for a large mortgage loan." Nothing highlighted my inability to access the housing market more than my employment status. Despite being among the minority of people with disabilities who were gainfully employed, my earnings were rarely sufficient. I drifted between two worlds: living at home with stability but limited independence, and subletting a room and sacrificing personal space. Attempts to improve my financial situation were often met with silence from potential employers, who seemed to see my disability before they saw my qualifications. Being locked out of the housing market forces you to rethink your options and face an uncomfortable truth: the dream of home ownership might always remain just that, a dream. For me, this was a problem that needed to be solved. Growing up as a first-generation Australian with a disability, thousands of kilometres away from my extended family, I often worried about the lack of support for me beyond my mother and sister. With no inheritance or 'bank of mum and dad' to rely on, securing my future wasn't just a goal, it was a necessity. A TV show called Building Off Grid — about people who have chosen a less travelled path to home ownership — opened my eyes to the freedom I have to choose my own path. I had a light-bulb moment; why not buy 1,000 to 2,000 square metres of land and build a place of my own? I set a maximum budget of $20,000, a figure that made my friends and family think I was bluffing. However, it was an amount that my savings could easily cover and I would be mortgage free. My criteria was simple: the land had to be within five hours of a capital city, surrounded by nature and mountains, classified as residential or agricultural land, and have access to water, electricity, and plumbing. It also needed to be accessible by a public road. Finding a block of land that met all my requirements was easier said than done. Perth was out of the question. The Northern Territory and Queensland felt too remote, and land in New South Wales was either overpriced or had building restrictions that meant it was suitable only for camping. Then in April 2023, I found the perfect block in a small country town called Carrieton, located on Nukunu land in South Australia. Four hours from Adelaide and one hour from Port Augusta, the land cost only $10,000 — well within my budget. As soon as I saw the online listing for the 1000sqm land, I was sold. I decided I didn't need to see it in person and jumped. Once I took the plunge, the actual process of purchasing the block became a daunting experience that I was completely unprepared for. The entire transaction took place online, which made me anxious. I was dealing with people in a different state, meaning different regulations, and for the first time in my life, I was making an adult purchase that would change the trajectory of my life. This was nothing like spending $50 at a restaurant or on a dress to treat myself. I constantly questioned my judgement: Have I lost my mind? What am I doing? Am I being serious, or just hopelessly naive? Is this a scam? That self-doubt lingered, but I pushed forward, driven by the promise of freedom. When my friends and family found out I had purchased the land, they were stunned and I was suddenly flooded with questions like "What are you going to build?" and "How will you make it work?" Their curiosity was both validating and intimidating, underscoring the enormity of what I had committed to. Had I bitten off more than I could chew? Absolutely! Buying land in the middle of nowhere comes with significant challenges, especially when the goal is to live there full-time or turn it into a short-term rental. These are challenges I have yet to work out. Logistics such as building permits, designs, arranging shipments and funds, and accessing basic amenities are all ahead of me. But the benefits of owning something are undeniable; I've created a foundation for myself, a safety net that offers both stability and independence. I've been able to shift my focus from worrying about my future to imagining the possibilities ahead. Owning this land is my declaration of freedom. Am I worried about being isolated? Not at all. Living with a disability and being excluded from society teaches you a tough lesson: if you let isolation define you, you'll always be treading water, barely keeping your head above the surface. It comes down to a choice: keep begging for a seat at the table, or make your own rules. Vanessa Mbeve is a New South Wales-based writer with Cerebral Palsy, passionate about exploring social dynamics and sharing her unique perspectives through her writing, both fictional and non-fictional.
News.com.au
a day ago
- Business
- News.com.au
Qld's million-dollar shock: Majority now priced out of Brisbane houses
Queensland has hit a jaw-dropping milestone, with Brisbane's house price skyrocketing to the brink of $1m, slamming the door on the dream of home ownership for the majority of wage earners. The latest PropTrack Home Price Index released Monday saw Brisbane's median house price reach just $2k shy of $1m to $998,000 with its median unit now priced the same as houses were in April 2022 ($690,000). figures estimate a pre-tax income of about $187,000 is required to buy a million-dollar home, off a 10pc deposit with lender's mortgage insurance – out of reach of the majority of Queensland where Australian Bureau of Statistics figures put median weekly earnings at $1,350 in August 2024 or $70,200 a year. Brisbane's median dwelling price (which includes houses and units) rose 8.38 per cent annually to $889,000, the PropTrack data found, with unit growth outpacing houses (11.42pc vs 7.8pc). PropTrack senior economist Eleanor Creagh found no relief from price rises across the state over the year, with regional Queensland dwelling prices rising stronger than Brisbane annually, up 8.66 per cent to $733,000. Regional houses which are at peak median of $769,000 are outpacing the rise in unit prices there, seeing an annual jump of 8.96pc versus 7.58pc respectively. Regional unit prices are shockingly close to Brisbane's median sitting at $674,000 now. The top four SA4 regions in Queensland had higher dwelling price growth levels than any of its counterparts across the country, led by Townsville up 20.19pc to $540,000, Central Queensland +16.33pc to $534,000, Darling Downs-Maranoa +14.13pc to $482,000 and Toowoomba +13.36pc to $661,000. Queensland fifth strongest SA4 region was Ipwich in Greater Brisbane which rose 11.35pc to $747,000. Ms Creagh said cities like Brisbane 'are now seeing growth moderate after strong outperformance' but added 'lower interest rates have lifted borrowing capacities and boosted buyer demand' which was 'likely to drive further price growth throughout the remainder of 2025'. 'While stretched affordability will remain a constraint, a chronic lack of new housing supply, population growth, and targeted buyer incentives are expected to keep upward pressure on prices,' she said. OpenCorp founder and property investment expert Cam McLellan said more everyday Queenslanders were now turning to 'creative, sustainable ways into the market', seeking options 'outside of being 'traditional' PPR (principal place of residence) owners' given price surges. His main recommendations centre around 'buying sight unseen in more affordable states; embracing rentvesting – renting where you want to live, buying where you can afford; and accessing equity from parents' homes, no cash needed'. Inside slumlord's empire: derelict, unliveable, worth millions Queenslanders Lee and Marie Brown are among those who've given up living in their own home in Greater Brisbane – instead buying rentals including two interstate bought sight unseen. The couple now have four properties in their portfolio, and said the scariest part was just getting started. 'We live in Queensland and had already bought two investment properties here, in Doolandella and Algester, with OpenCorp's help in 2019 and 2022. But when we were ready to keep building our portfolio, they showed us we didn't have to stick to our own state.' 'That's how we ended up buying in Perth and Victoria. We realised it's not about buying close to home, it's about buying where your money will work hardest.' 'We were used to taking big holidays and getting new cars every other year. Shifting our mindset from spending to investing took work. We also had to clear our bad debt. But education was key. Now we look back and wish we'd started earlier.' MORE: 65k Airbnb rentals banned amid court battle The HPI results come as the latest Australian Bureau of Statistics building approval data warned just 5,612 apartments were approved across March and April, compared with 8,625 across January and February – a sad statistic for those priced out of houses hoping to buy a unit to live in. Property Council of Australia group executive policy and advocacy Matthew Kandelaars said 'this is a far cry from the 15,029 greenlit during March and April in the apartment boom of 2016'. 'We will not meet our housing targets without the heavy lifting that needs to come from apartments that can deliver homes at scale close to transport, existing infrastructure and amenities.' He warned even with approvals 'it can take years for a project to start construction, held back by a tight labour market, high construction costs and complicated planning systems'. 'State and territory governments need to step up. Planning is key to delivering more homes, and our approvals data shows that the current systems are not working. More must be done.'
