The writer shares their personal experience of purchasing a property in Sydney, highlighting the challenges faced in securing a mortgage and the high costs associated with housing affordability in the city. Despite draining their savings and taking on a 35-year mortgage, nearly 60% of their income will go towards their apartment. This reflects a larger trend in the housing market, with the proportion of income required to service a mortgage hitting a serious high compared to a decade ago. The writer acknowledges the privilege of having parental assistance in securing the loan, which has further entrenched intergenerational inequality.
Saving for a mortgage while stuck in the rental market is deemed near impossible, with the portion of income required to service rents also hitting significant levels for medium and low-income households. The writer contrasts the cost of owning their apartment in Ashfield with the price of renting a room in a share house, acknowledging the financial strain of homeownership. The process of joining the property ladder is described as arduous and taxing, involving legal contracts, building reports, and navigating government regulations and changing economic conditions. The writer also mentions the challenges faced with solicitors during the process.
Despite the challenges faced in the property purchasing journey, the writer reflects on the newfound freedom and time they have after finally owning a home. The time spent on the property hunt is now available to them to spend as they choose, whether it be on leisure activities like indulging in dumplings or simply enjoying the beauty of their new home. The writer reflects on the toll that the process took on their finances and mental well-being but ultimately expresses a sense of accomplishment in finally being on the property ladder.
In conclusion, the writer’s personal experience sheds light on the current state of housing affordability in Sydney and the challenges faced by first-time home buyers. The high costs associated with buying a property, coupled with the competitive and complex nature of the real estate industry, highlight the difficulties in achieving homeownership. The writer’s acknowledgment of privilege and the support received from their parents further underscore the barriers to entry faced by many individuals in the housing market. Ultimately, the writer expresses a mix of relief and pride in finally achieving their goal of owning a home, despite the sacrifices made along the way.
