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## Challenges Faced by Young Professionals in Sydney

As a member of a social circle consisting of young professionals in Sydney, I have observed a common issue when it comes to buying a property. The majority of my friends are in their mid-late 20s, earning between 100-130k, with savings for a deposit, and carrying HECS debt.

Despite their decent income and savings, banks are only willing to lend them around 400-450k, limiting their property purchase to around 550k. This restricts them from buying in desirable suburbs like Rhodes, Chatswood, and Burwood, where even 1-bedroom apartments exceed their budget. Even more affordable areas like Parramatta are pushing their financial limits.

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AI Legalese Decoder is an advanced artificial intelligence tool that uses natural language processing algorithms to decipher legal texts. It breaks down complex sentences and phrases, providing users with clear and concise explanations. By inputting the legal document into the AI Legalese Decoder, users can quickly and easily understand the content without needing a law degree.

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View Reference


  • Beautiful-Strain6198

    >I’d say about 75% of them are single

    This seems to be the crux of the problem in your post.

    Talk to any single person they can barely afford to rent, let alone buy.

    Households becoming dual income is a prerequisite for home ownership in lots of places.

  • elleminnowpea

    You can easily get a 2 bedroom apartment within 2km of Parramatta Station for under $550k. Under $500k if you’re handy with a paint brush.

    I’m single and own my 2 bedroom apartment in a Sydney. I have 6 other single women friends who also own their own 2 bedroom apartments in Sydney and bought them as fhb. All of us are on $100-120k and live solo.

  • CoronavirusGoesViral

    Rhodes “exciting” 😂

  • kiersto0906

    liverpool is cheap

  • sxjthefirst

    I’ve found it’s lot cheaper to live 3 or 4 of stations down the train line to the “nice” suburb. If anything they are often quieter and hence better to recover from the partying next day.

  • optitmus

    people need to really get a dose of reality, unless you have parents with loads of wealth you’re going to be pushed into the outer ring of Sydney.

  • reup47

    This is me – I’m 32. Just bought a 1 bed, 1 bath no car apartment in the inner west. Deposit $115k, apartment $645k. I was only JUST able to do it because my income is $142k+ bonus. The reason I’m doing it is because renting 1 bedders in the Inner west is also really expensive so might as well buy.

  • Separate-Ad-9916

    The future is simple…if you come from a 1 or 2 child family with wealthy parents, you’ll be able to afford a place…just. If you don’t, enjoy your 2-hour commute into the city.

  • UhUhWaitForTheCream

    If you’re in Sydney, well you may be screwed. Sydney isn’t for FHBers, unless you have enormous wealth.

  • Vandr27

    Well, it’s certainly easier in Adelaide. With HomeStart finance you only need a 3% deposit when buying an established home if you have a diploma or degree, and a 5% deposit for building one – and building deposit includes the $15k first home owners grant.

    Of course good luck finding work in most fields here, there are definitely less job opportunities. No road tolls though, so that’s nice.

    Edit: actually jus 2% deposit + upfront costs/stamp duty for an established home. And no loan insurance for being under 20% lvr

  • FrenchRoo

    As a French person, I always find this obsession with property so weird. Barely anyone back home would think about buying property in their 20s, we’re hardly figuring out life.

    Why not keep saving and buy as a couple once you found the right person?

  • Professional_Elk_489

    They’re not supposed to buy, they’re supposed to rent silly

  • Shek-O-

    Sydney is Sydney.

  • Old-Artist567

    Tennant Creek?

  • Annoyed_Xennial

    >These mates are what I would consider fairly typical white collar professionals in their mid-late 20s with similar characteristics:

    >100-130k income
    Lived at home
    Savings enough for about a 100k deposit
    HECS debt

    If they are on that income and living at home, how have they only saved 100k and not paid off their HECSs debt.

    Home ownership has and always will be about sacrifices. I got into the market 10 years ago. I lived in almost derelict housing and a vegetarian diet (not actually a vegitarian) for my 20s to be able to afford a renovators delight in a very undesirable suburb at that time. Certainly no one I knew was buying until their 30s.

    Your friends need to spend a few more years saving, of be realistic about where and what they can afford.

  • InstantShiningWizard

    Wanting to live in a specific suburb and being able to afford a mortgage in that suburb are very different things. The sooner a prospective buyer accepts this reality the easier it is for them

  • yum4yum4

    Rent in an exciting area until you find a partner. Then buy a place together with that partner in an area you want to live long term. In the meantime buy shares or something or put your cash in a HISA if you’re a wuss

  • Fluffy-Queequeg

    As a first home buyer in my 20’s, I too wanted to live in a sexy and happening suburb. I rented in Chatswood and Lane Cove, but I could not afford to buy there. This was the late 90’s and I was still with flatmates.
    In my friend group we had some living in Bondi and others in Coogee. Old art deco places or run down blocks that were basic and functional, but 5 min from Bondi beach. We all had crappy incomes. We spent way too much on going out to eat all the time and drinking, but we had a ball.

    The first place I rented on my own was North Parramatta in 1998, then to Hornsby to a brand new apartment for the same price as the shithole in Parramatta. After that I had a life altering experience with a psychotic gf and was couch surfing with friends for a bit after she cleaned me out.
    Like every mid-20’s single I had to look where I could afford. I wanted to be back in Lane Cove or Chatswood but I had to settle for the more budget conscious area of Macquarie Park (This is 2000 now). I rented there for a couple of years while I rebuilt my finances and found I liked it, so I purchased my first home, a 2br townhouse not far from Macquarie University. It’s all I could afford. I purchased at the top of the market and had to offer above the highest price guide the vendor wanted. I reckon about 40 groups went through the place. This was pretty standard at the time (early 2003) – sound familiar?

    Now, that area is priced out, so you just have to go further out or compromise on what you buy. I was in my first place for 8 years. When I moved, I could not afford to stay in the same area so we again moved further out into a house, and I have been in this place in the Hills District for 13 years this June.

    So yes, there are places available but compromises will need to be made. The other option is you buy elsewhere and rentvest

  • cataractum

    They could start with apartments. Otherwise, they might need to try outer suburbs or other cities.

  • Tomicoatl

    Your friends have above average salaries nationally but not localised in Sydney. Being single and purchasing a traditional house is well out of range now with dual income households being an expectation. They should look for 2 bedroom units or apartments then use the equity and growth to move in the future once they want more space for a family. 

  • howbouddat

    They need to look at apartments in places like Campbeltown etc. If they want the exciting “young persons life” then….. tough titties. They’ll get used to uber eating fish and chips with a $7 bottle of Sav Blanc.

  • Current_Inevitable43

    They won’t to live in the countrys most expensive city without the income to match. They want to live in the hipper suburbs.

    I see the issue here tell them to pull there head in and tell them to buy where they can afford or rentvest.

  • Passtheshavingcream

    Your salaries are slightly lower than people younger than you as they are urgently trying to get young adults back into the system. You are competing with them and their parents. These younger types have no goals, hobbies, interests and are happy to save every single cent they earn – think about this.

    I would say you can only afford further out west if you want a McMansion (personally find these revolting). You are unfortunately belong to a forgotten and neglected age bracket – Millenials and Gen Z.

    Marry someone with money would be your only chance. I am seeing why many white local men needed to marry cashed up types now. An unfortunate city full of unfortunate people. The future is very bleak for a heavily aged Australia that will be skewed with younger residents from South Asia (plus more from the Middle East and Africa in the mid-term).

  • 4614065

    Wentworth Point, Monterey (and surrounds), upper north shore (hate that term, but you know what I mean).

  • Ordinary_Sir_100

    “Located in Sydney” is the key problem here

  • Ok_Barber90

    Don’t know about Sydney but in Melbourne you can still buy 4 bedroom houses for less than 600k in the outer suburbs.

  • Horror_Power3112

    The problem here is you and your friends are all acting like spoilt rich kids. You can’t afford to buy a place in an expensive suburb? Who would have thought!!?? You can certainly buy a very nice apartment in parramatta for that budget. The problem here is you are all too stuck up and reality will hit you soon once you guys realise Penrith might be the only thing you deserve.

  • sitdowndisco

    Keep moving west until you find something in your price range. That’s been the mantra for many for decades, but a lot of people these days don’t want to put up with the commute or the reputation of some of these places.

    The simple fact is that when you’re young, you are usually at the bottom of the ladder and you usually have to accept a location you’re not entirely happy with..

    If you move far enough west and still can’t afford a place, then you’re in the situation where you literally need to move out of Sydney if you want to buy a place.

  • Current_Inevitable43

    They won’t to live in the countrys most expensive city without the income to match. They want to live in the hipper suburbs.

    I see the issue here tell them to pull there head in and tell them to buy where they can afford or rentvest.

  • flintzz

    You don’t need to buy where you want to live. Rentvest

  • VapeSoHard

    No wonder you’re all single living at home with your parents

  • hodlbtcxrp

    I recommend that you talk to your parents and see if you can live with them forever. Then instead of getting a place to live, buy an investment property instead. This means the rental income can be used to support the mortgage repayments. If your parents do not let you live with them, see if you can join forces with a bunch of your friends and rent some suburban house and split the rent equally. You’ll be able to low on very little and at the same time invest in investment properties. You don’t even need to invest in investment properties as you can invest in ETFs using a margin loan or NAB Equity Builder.

  • Shot-Ad-2608

    You cant afford sydney. Get a husband or whatever and go from there.