PHOTO: Buying a property
Contrary to what general millennial nihilism tells you, buying your first home isn’t impossible — it’s just hard.
It’s also just that plenty who have done it, had some kind of financial help along the way.
Whether it’s moving back home to live rent-free with your parents, putting your trust fund to good use, or being lucky enough to be involved in a serious-but-not-too-serious car accident at just the right time to score a major payout (true story), significant financial support often goes hand-in-hand with home ownership.
That’s because the ‘great Australian dream’ of property ownership is expensive. The average property price in an Australian capital city ranges from $436,000 (Darwin) to $776,000 (Sydney). The market might be in a slump right now, but experts are expecting it to begin rising again by the end of 2019.
So how does anyone afford to buy in this market?
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