PHOTO: Sydney, Australia. FILE
OPINION
Like many first-time buyers, when I dipped my toe into the Sydney housing market in March 2021, I was realistic but optimistic.
My partner and I didn’t need anything fancy – just a two-bed apartment with a parking space and maybe a small balcony. Having spent over five years saving up a healthy six-figure deposit, we were easily approved for a mortgage but equally knew we couldn’t stray above our limit.
Three months on and we’ve all but given up.
It turns out Sydney’s property market is almost impossible for anyone who isn’t a rich investor or being bank rolled by Mum and Dad.
Guide prices are complete BS
One of the most frustrating things about trying to buy in Sydney is that guide prices set by real estate agents seem to be a thing of fantasy.
As an example, in April a two-bedroom apartment in Randwick was listed with a guide price of $850,000. The open home was full of optimistic wannabe first-time buyers hoping this would be their step on the ladder. But when the auction came around on May 15 it sold for over $1 million – $185,000 over the guide price.
This Randwick unit was listed with a guide price of $850,000 but sold for $1,035,000. Source: Supplied
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