I'm 28, single and looking to find my own place after saving for about a year. This is my first ever time in the real-estate market (perfect time apparently) so I don't know much, but after browsing thru prices for the last couple of days I'm disgusted. Apartments cost virtually the same as a full-sized home! How is that even possible?
I'm not talking about the city. I'm from Western Sydney and plan on staying there. A decent, semi-modern apartment runs at least $480k in Bonnyrigg. Parramatta and Baulkham Hills the price rises another $100k on top for just a single bedroom place, and that's not even counting the strata fees which can be around $400 a month! Honestly for all that money I can just buy myself my own private 3-bedroom mansion (by comparison) and enjoy the luxury of a backyard too. What's going on?
I was kind of set on an apartment because I like living small in a populated area but not at that price. Would appreciate any insight.
That's true, but so are the cemeteries as well..
Also please note it takes quite a while for population growth in this year, to reflect in the housing market if everything else is held equal.
How long does it take for baby Joe Smith born today, to be capable of buying a property?
Maybe not even baby Joe Smith, how about teenage John Citizen just undergoing highschool?
Are you going to HODL, pay interest expense for that long, in the hopes that your property will have enough capital gains in the future, to be realised (and taxed)?
You better be damn sure there's enough baby Joe Smiths that would want your property in the future.