{"id":37985,"date":"2022-04-11T09:03:49","date_gmt":"2022-04-10T21:03:49","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37985"},"modified":"2022-04-11T09:03:49","modified_gmt":"2022-04-10T21:03:49","slug":"single-womans-battle-to-buy-a-place","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/single-womans-battle-to-buy-a-place\/","title":{"rendered":"Single woman\u2019s battle to buy a place"},"content":{"rendered":"

PHOTO: Brigitte Rees<\/strong><\/p>\n

The Sydneysider had to make one huge sacrifice to save up her $100,000 deposit, but she was determined to go it alone.<\/p>\n

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Brigitte Rees sacrificed living with her parents until she was 27-year-old so she could buy a property on her own.<\/p>\n<\/div>\n

It meant she was able to save up $100,000 for a deposit over five years but she quickly discovered that wouldn\u2019t stretch to buying in her dream area on Sydney\u2019s Northern Beaches.<\/p>\n

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The properties she could afford she didn\u2019t like and the ones that appealed were way above her budget.<\/p>\n

She also had her heart set on a two-bedroom apartment so she could rent out the spare room, but she soon realised this would be too expensive.<\/p>\n

Yet she was determined to buy a property as a single woman.<\/p>\n

\u201cIt\u2019s something I wanted to do on my own. I have friends buying with partners but I it\u2019s something I wanted to achieve on my own,\u201d she told news.com.au.<\/p>\n

\u201cI\u2019m quite ambitious. I like working and I want to have a life for myself and not be dependant on someone else for that. I want to be self sufficient.\u201d<\/p>\n

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\"Brigitte<\/div>\n

Brigitte learnt through lockdown that she wanted to have a backyard, so she compromised on bedrooms and opted for a one-bedroom apartment with a small back garden she can call her own. Picture: Supplied<\/strong><\/em><\/div>\n

The quality management professional realised she had been priced out of the Northern Beaches, as well as the lower North Shore but was stoked to stumble on an \u201caffordable pocket\u201d in Lane Cove.<\/p>\n

She purchased a one-bedroom apartment off the plan for between $700,000 and $750,000, which includes a 20 sqm courtyard, with the building expected to be finished in October.<\/p>\n

However, she said it was \u201cdaunting\u201d and felt a \u201cbit risky\u201d to buy off the plan but said she had done her research and had a good lawyer look over the contract.<\/p>\n

\u201cEvery now and then I do have a little bit of regret that I didn\u2019t go for the beaches and I know I could have got something but it would have not been a nice property,\u201d she said.<\/p>\n

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\u201cBut in Lane Cove I\u2019m getting much better value for money in terms of the type and size of apartment and it\u2019s going to be brand new so it\u2019s a big attraction for me.\u201d<\/p>\n

Covid had also changed her priorities, she said.<\/p>\n

\u201cBeing in lockdown I decided I did want quite a big balcony. I didn\u2019t want a two metre pokey balcony,\u201d she explained.<\/p>\n

\u201cI wanted somewhere I could sit outside and have a barbecue, so I ended up looking at one bedrooms with a garden and a bigger balcony.\u201d<\/p>\n

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By offering to take an off the plan property, Brigitte bought herself more time to save up for the final deposit and save more money for furniture. Picture: Supplied<\/strong><\/em><\/div>\n

Ms Rees is one of many first home buyers having to weigh up their options, particularly amid fears of rising interest rates and worries they will be paying too much in a market that is slowing down.<\/p>\n

For those looking to buy, Brad Cramb, CEO of distribution at Lendi Group which is the parent company of Aussie home loans, said it\u2019s important to have a long-term strategy in place.<\/p>\n

For those struggling to get into the market that may involve compromising on location or property features to get a foot on the ladder, he added.<\/p>\n

\u201cOwning a home is one of the biggest and most important purchases most people make in their lifetime and when Aussie entered the market some 30 years ago, the median dwelling value across the country was $114,034. Today it is more than $700,000 demonstrating the gains that can be made over a generation,\u201d he said.<\/p>\n

\u201cWith potential interest rate rises on the horizon and ongoing debate around where the housing market is headed, this can be a stressful time for aspiring homebuyers but what is clear from the analysis is that property is a long game.\u201d<\/p>\n

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Think long term when buying property. Picture: NCA NewsWire \/ David Swift<\/strong><\/em><\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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