A Sydney couple with a $250,000 cash deposit have been unable to buy a home in Sydney’s competitive market and have up and moved to Queensland instead.
Hazel Cairns, a digital expert, and her husband who works for NRMA, moved in with her parents to boost their deposit savings. But during this time, they’ve watched the Sydney market go from strength to strength and have effectively been pushed out of the market.
“We were bitter. We were mad. We worked out butts off and have always had full time jobs and I worked in the digital space and have also done some freelance work on the side, and we have been saving for over 3 years now”, she said.
“We don’t shy away from hard work but when you are working so hard and looking at house prices go up and up and up, it makes you bitter. We are just like – it’s ridiculous, it’s a joke. “Then there are shows like Luxury Listings Sydney on Amazon and there are people worth billions buying property and we are thinking how it this fair?
“Knowing how many people suffered for the last two years, my husband and I don’t want to watch as it’s depressing, it’s infuriating. Why do people have that much money to spend on incredible homes that they barely live in?”
Hazel was searching for a 4-bedroom home for her family in the Sutherland Shire area, “But houses were going for $1.8 million out near Illawong, which is not even close to the city and the commute to work would mean sitting in traffic for an hour a day there and back, and for $1.8 million that is just ridiculous,” she noted.
Now in Brisbane, she is blown away by the choices available to them. Brand new spacious homes, well within their budget and proximity to Brisbane CBD that they desire.
“These houses are gorgeous. They are big and roomy and have kitchens with walk in pantries and kitchen islands and we are looking at $1.1 million to $1.3 million. So it’s significantly more affordable and offers a greater quality of life, especially if we are going to work from home. We want to be comfortable and create a space that is a working space away from the living space and we don’t have that option in Sydney,” she explained.
“Where would you buy in that price range in Sydney that allows you to have those separate facets of life, to have some calm and stability and a bit of break between the two worlds that now have merged at home.”
So are you feeling priced out by the Sydney market? But don’t want to leave the state?
The good news is that we actually specialize in brand new, income producing homes from $450,000 and no there’s no bidding, no insane deposits required. Only your commitment and a well strategized plan, which we can help you with.
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When considering an investment property with positive cashflow, it is important to make sure it is suitable to your specific financial goals and objectives. Remember to do you due diligence and is you need advice; JR Prosperity Partners can help you decide if this is the best strategy for you.