Part of a growing group, this Sydney family has watched as property prices soar out of their reach. They are now looking elsewhere to grow their wealth.
The couple, who have an 18-month-old daughter and another baby due in September, were hoping to buy in the next two years to give their children a forever home.
“We do recognise lots of people rent, but since having children, having a house becomes more important. “I think my savings account is currently on 0.5 per cent per annum so I’m seeing interest of like last month it was $15, so it’s an absolutely massive difference,” he said.“The barriers to buying a property have certainly made us think about other options and other ways of approaching things, rather than traditional going from renting to buying,” he said.
“You should be informed that things can be outside of your control and you can lose a great amount of money or all your money, which wouldn’t happen with a savings account,” he said.
CoreLogic data comparing national dwelling values and average incomes found low income workers are only able to afford 17.6 per cent of available housing stock in Australia – or just 3 per cent in Sydney and 4 per cent in Melbourne.On the Gen Z side of things there is NSW teen Aaron Marcellino. The 17-year-old is only in year 12, yet under the guidance of his dad Dave is already trying to get ahead through the stock market, and aims to use shares to help him buy property in his early twenties.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Women can be PMs, premiers and judges, but not members of elite Sydney club: TurnbullThe ripple effect from Tuesday’s historic vote to maintain the men-only membership rules of the Australian Club is causing some awkward introspection within several high profile Sydney families | hornery
Read more »
Thousands of residents in Melbourne's east told not to drink tap waterThousands of residents in Melbourne&x27;s outer east smashed by storms last week have been told not to drink the tap water as many remain without power.
Read more »
‘We’re not going to see this lost’: Heritage protection for harbour coal loaderThe Coal Loader was the most advanced facility of its kind in Australia when it began operating as a depot for shifting coal from bulk carriers to smaller vessels in 1919, according to the National Trust.
Read more »
Argument over who gets the armrest on planes finally solved – but not everyone agreesIt’s perhaps one of the biggest debates when it comes to air travel – who gets the middle armrest? Well, this expert has shared the answer.
Read more »
Right goal, wrong method: How Hocking, not Mackay, crossed the lineThe decision to charge David Mackay for his alleged bump and send him to the tribunal is a signal by Steve Hocking that he and the AFL want to recalibrate what has long been considered 'incidental contact'. | OPINION via The Age Real Footy AFL
Read more »
'Not beholden to anyone': New Tasmanian Labor leader pledges to repair fractured partyAs Tasmania's new opposition leader takes the helm, he assures the community and party faithful that the factions will not influence his decisions — but admits there is 'a lot of work to do' to rebuild trust.
Read more »