‘Don’t have to move any more’: How renters became landlords
A working couple sick of moving six times in nine years as renters did whatever it took to get off the rental cycle, doing so well they are the landlords now.
A working couple who moved six times in nine years as renters have become landlords themselves within two years of building their first home after a massive surge in home values.
Mavis Tang, 30, a real estate agent and her partner William Naviaux, 31, a landscaper and professional epoxy flooring installer, moved into their first home in mid 2022 in Browns Plains in Logan – west of Brisbane – where hundreds of people are now flocking for new subdivisions.
“The value has increased by almost 50 per cent since I built it. Similar houses now cost around $900,000 to $1m in the Logan area,” Ms Tang said.
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With the increased valuation, the couple were able to refinance and purchase another Keylin project as an investment property in Serenity Reserve, Helensvale, which recently settled.
Ms Tang, who has been living in Australia since 2013, said she’d moved more than six times renting.
“The best part is I don’t have to worry about moving anymore. Rent prices have been increasing due to demand, but we don’t have to worry about that. Additionally, William is really handy, so he can do our epoxy flooring and fix things if necessary.”
The pair’s property journey started at the end of 2020 when they put their names down during an expressions of interest campaign for a new subdivision.
“Back then, during the pandemic, the market was a bit low. I found Wembley Reserve to have strong potential as it’s close to the adjacent suburb and local shops. Even though the market wasn’t that strong, many people working in real estate, including myself, saw the opportunities.”
She said the build process took a little longer than expected.
“I got my building approval around September 2021 and moved into my home around July 2022. The price didn’t change, thanks to the developer Keylin. Working in the real estate industry, I know many builders have charged more due to the crisis, but there were no additional costs for my house.”
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She said it was important to get into the property market as soon as possible.
“The Queensland government offers a great incentive with the $30,000 first homeowner grant. They should step into the market as soon as possible. The market moves quickly, and prices increase every month. They should buy whatever is within their budget and not wait.”
Originally published as ‘Don’t have to move any more’: How renters became landlords