Queensland property prices: How young Aussie purchased two homes

A young tradesman shared really he purchased 2 homes without having rich | parents aliases a high-paying job. 

Despite coming from a 'disadvantaged' background, Harry Doig, 25, now owns 2 properties successful Queensland and is ambitiously readying to build a existent property empire.

Mr Doig believes that young Australians tin spend to bargain a location if they are dedicated to redeeming money and are consenting to purchase cheaper that they tin renovate.

His proposal for others looking astatine buying a location is to 'not beryllium truthful persistent connected getting things connected in installments and should only unrecorded wrong their means'.

'It's not arsenic comfortable but it's good worthy it successful nan agelong run,' he told nan Courier Mail.

While redeeming for a deposit connected a debased wage, Mr Doig had to trim his spending connected luxuries that galore Australians return for granted.

That included cancelling subscriptions for illustration Netflix and avoiding buy-now-pay-later services for illustration ZipPay and Afterpay. He besides stopped eating out.

'Going done those reliable circumstances and surviving disconnected two-minute noodles, unpredictable accommodation, precocious cost of living.I conscionable had to make it activity nary matter really difficult it got.'

He sold astir of his devices and yet saved capable for a 10 per cent deposit connected a home. 

However, nan young tradesman past faced different challenge: securing a loan.

Mr Doig said he was 'laughed at' by a NAB worker erstwhile seeking a mortgage, which he said was 'pretty demoralising'.

Another slope worker said he was denied a indebtedness because he was excessively 'high risk' but was yet fixed nan chance to complete his extremity connected his 3rd attempt.

The mining mechanic purchased his first location successful Allenstown, Rockhampton, for $170,000 successful 2021 aft pinching each penny imaginable connected a debased wage.

After fixing successful caller doors and adding carpeted flooring he now rents retired nan location and group his sights connected different property.

He struck again successful January past year, snapping up a $210,000 location connected adjacent Murray Street pinch plans to afloat renovate it himself.

He said he was 'inspired' to put successful spot to thief carve a amended life for himself.

Mr Doig advises hopeful homeowners to purpose for realistic goals by seeking retired much affordable properties successful nan regions, alternatively than buying successful nan awesome cities, wherever prices were soaring retired of control.

Despite nan Reserve Bank expanding liking rates to get a clasp of inflation, spot prices successful Australia's superior cities person continued to surge by different 20 per cent successful nan past year. 

Businessman and Freelancer.com CEO Matt Barrie agreed said that a location is considered 'astronomically unaffordable' by economists if it costs much than 5 times nan mean salary.

In Australia, nan mean capital-city location is 9 times nan mean salary. In Sydney, it's an eye-watering 13 times.

'The guidelines of each evil successful this state is nan astronomical value of housing. Once you understand each nan ramifications of that - it really is nan problem that is nan guidelines of each problems,' Mr Barrie said. 

In Sydney, nan median location costs astir $1.6million, according to Domain's House Price Report for nan March 2024 quarter, pinch nan patient forecasting nan median value could deed $2million wrong nan adjacent 3 years.

It's nan 2nd astir costly metropolis successful nan world to buy a house down Hong Kong.

Mr Barrie said it was now mathematically intolerable for a family connected nan median income to salary disconnected a owe successful Australia.

'The median costs is astir $94,000 a year, wherever your take-home is astir $5,900 a period aft tax. On a $1.2million owe astatine existent rates, it's adjacent to a $7,000 per period [in owe repayments].

'Salaries tin nary longer salary for houses successful Sydney,' he said.