Like many first-time buyers, Chloe Dalton was unable to save enough for a deposit when it came to buying a home. Due to the high property prices in Sydney, she decided to give up on her home-town and search for a new property outside of the city.
She said she grew up in the Northern Beaches and had a long-term goal of owning a home in the area.
According to SQM Research, the median asking price of a home in this region is around $2.7 million. Units are also averaging around $1.2 million.
To purchase her dream home, she and her partner would need to put down a combined deposit of around $540,000.
After winning gold in Rio, a professional rugby player from Australia decided to participate in a new trend known as “rentvesting.”
She and her partner will continue living in Sydney, but they plan on investing in more affordable locations such as Perth and Queensland.
Currently, the median house price in Perth is around $777,921 and in Brisbane is at $924,498.
According to CoreLogic, the median value of homes in Perth, Adelaide, and Brisbane has increased by over $12,000 in just a month.
Some areas in Perth are also expected to join the million-dollar club within the next couple of years. This growth outpaced the average amount of money that homebuyers could save.
A study conducted by Canstar revealed that first-time buyers typically save around $1,605 a month for their home deposit in order to purchase a property in 2023.
With a 20 percent down payment, a couple could purchase a home worth around $1 million in six and half years.
Unfortunately, this scenario could be very different for Dalton and other first-time buyers due to how their hard-earned money could be less valuable in the future.
Olympic gold medalist Chloe Dalton talks about how hard it is to get on the housing ladder due to the rising value of properties.
She noted that there is a lot of talk about the market, interest rates, and other factors.
It can be hard not to feel like you are being swept up in all the discussions about the market, and it adds to the pressure that people need to get on the property ladder as soon as possible.
Supply is also reportedly 40 percent lower in some major cities.