Young woman with almost $100,000 in savings slams Aussie ‘lie’
A woman has expressed her frustrations at not being able 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 ambitions in the property market.
She revealed she had saved $95,000 before admitting it still wasn’t enough to get her foot on the property ladder.
“I think you’re being sold the lie that you work hard, you save a lot of money and you can get into the real estate market, because that’s exactly what I did,” she said in a TikTok video shared by real estate app Copositstraat.
‘At the moment it is still unfeasible, especially for a single woman.’
“I think you’re being sold the lie that you work hard, you save a lot of money and you can get into the real estate market because that’s exactly what I did,” the woman said.
The woman said that initially she did not know whether she would maintain her current good standard of living or buy a property
She said she initially didn’t know whether to maintain her current good standard of living or buy a property.
“So I decided to take a break and do some extra graduate studies so that I can then live better, hopefully in the next five years,” she said.
The woman said even current housing prices have put her off.
“To even enter anything decent, even like a two or three bedroom townhouse. It sounds like $650,000,” she said.
‘If you have not already bought a house and have that equity.
“Even with what I have saved, it is very difficult for the banks to lend you that much for what you need.”
The average house price in Sydney would reach a new record of $1.933 million in just three years (pictured shows Sydney Harbor Bridge as seen from Observatory Hill)
a Research into Household, Income and Labor Dynamics in Australia (HILDA) from the University of Melbourne revealed that 54 percent of men and 47 percent of women between the ages of 18 and 29 were still living with their parents.
The rising cost of housing was cited as one of the contributing factors.
The future does not look promising; house prices will rise by more than a third over the next three years, with Sydney’s average price approaching $2 million.
Oxford Economics Australia predicts the city’s average house price will reach $1.934 million by June 2027, while Perth will reach $1 million.