How to Realistically Attain A Chic Pad in Sydney

In Sydney, real estate is the hottest of hot commodities. Property prices are legendarily high with the median house rent at $800 per week and even units and apartments costing on average $1.2 Million to buy. And, shockingly, despite jibes from politicians you can’t simply save the astronomical amount you’d need by cutting back on ‘avocado toast’.

Settle in and get ready to check out our roadmap for how to get yourself a chic pad in Sydney.

Renting

In the ultimate try before you buy move, more and more Aussies are opting to rent for longer and longer. Even with rents costing a fair amount it’s so much more affordable than buying your own property and it gives you flexibility to move as your lifestyle changes.

Who?

This is the perfect option for young professionals who are looking to get a toe into the door of the property market. Whether it’s in a sharehouse with flatmates or sharing a terrace with friends, this is the perfect transitional step for someone who has just moved out of their family home or student accommodation. The financial commitment needed to buy a house is overwhelming but for young people, renting offers the experience of living in your own property at a fraction of the cost.

When?

Research into the Australian market shows us that the average Australian renter was a female between the age of 25 and 29 and had an average income of $50,000 a year, however, with property prices only on the rise, people are choosing to rent often well into their 30s and even 40s, while they wait to purchase their dream house.

Where?

When you think of “home” what do you think about? Do you think of the walls and the rooms or do you think of your hometown, the neighbourhood you live in, the people and the lifestyle? For us lifestyle and location is so much more important than the specific specs of a property. Renting gives you the ultimate flexibility and the ability to move around and get a taste of different suburbs in Sydney so you’ll know which one best suits your lifestyle for when it comes time to buy. Wherever you rent you’ll be able to get a sense for a property and a locale without being locked down. To get into the nitty gritty of which suburb best suits your lifestyle, check out this suburb guide.

Buying

Buying your first property is an exciting milestone in anyone’s life. Whether you’re buying property to live in yourself or as an investment, the value of a piece of Sydney property cannot be understated. Keep reading to find out more about making this exciting step.

Who?

When you’re looking to settle down into something more permanent it might be time to buy your own home. Typically the sorts of people who can afford to buy their own home are established professionals who can afford a down payment on a house.

When?

More than just when you can afford a house, you need to think about when it makes sense for your lifestyle and your family. While you may relish not being tied down when you are young and single but when you have children and a job you love, you’ll want to be living somewhere permanent, close to your children's school or workplace.

How?

So you’ve decided to buy your first house, how do you go about it?

Begin by organising your finances. Consolidate your savings and find out how much you’ll be able to borrow from your financial institution. To give you a rough estimate of how much you’ll be able to save, check out this mortgage calculator by clicking here. Then, once you’ve got a good idea of your financial situation, you’ll have a rough price guide of how much you’ll be able to spend.

Next you’ll have to hit the streets, searching for properties you like, attending inspections and open houses. We won’t lie to you, for a while you’ll feel like it’s a weekend job and you might even lament the fact that you spend more time with real estate agents than you do your friends and family but, it’s all worth it when you find your dream house.

Once you’ve found your dream house you can submit an offer. It can be a daunting task so make sure you come prepared. Consult a solicitor and a conveyancer to make sure you’ve got all the legalities squared away. If you have friends who are experienced property investors you should consult them during this period so they can offer reassurance and help you through this slightly overwhelming period of purchasing your property.

For further information you can check out this comprehensive government guide to purchasing your first home.