I can think of a few stand out moments from 1993; Haddaway asks a very important question What Is Love?, Lenny Kravitz and Lisa Bonet called it quits, and most importantly it was the year of my birth!
There is no denying I am part of Generation Y often living beyond my means, sometimes lacking a little patience and always having an accurate opinion on everything! This does not happen often, but I am going to admit that there was something I was no expert on; property investment. It was not until I started working at Blue Wealth that I realised how achievable owning my very own piece of Australia was in my mid 20s.
Admittedly, I struggle with deciphering between my wants and needs and occasionally I splash my money in the wrong places, but the knowledge I now have on property investment helps me prioritise. Despite the media constantly telling me that I ampriced outparticularly in our capital cities, I have learnt that it is easier to get my foot in the property investment door than what I anticipated.
The biggest thing standing in the way of many Australians my age is saving for a deposit. Here is how I am doing it:
- I have stopped buying lunch and coffee. I was shocked when I sat down and calculated how much I was spending on food per week, in excess of $85, that is almost $4,500 a year
- I plan to live at home for a few more years
- I opened a term deposit bank account which I transfer money into every pay cycle. This eliminates the impulsive purchasing that I may have given into previously. Not having easy access to money has really helped with my discipline
When the time comes, I will be choosing to rent where I would prefer to live as opposed to buy where I can afford. By doing that I can more easily invest in an area with the best growth potential without sacrificing my lifestyle.
I will not be wasting my time not working to create my future, that is why I have built a plan to get me there.
Where Are The Markets?
In the month ending December 2016, Sydney prices grew at a rate of 0.91%. Melbournes prices rose by 3.14%, while the nations capital experienced 0.02% growth. Hobart witnessed a 0.26% decline, Brisbanes prices rose by 0.6% and Adelaide recorded a 2% decline. Darwin prices declined by 0.1% while Perth recorded a 1.39% increase.
Blue Wealth Property, property investing is a very powerful way to create wealth and our research is the foundation upon which we have supported thousands of Australians worldwide.