Sacrifice to get on home ownership ladder

Twenty-year-old homeowner Amity Williams began saving for her first home when she was 18 but had her eye on the property market long before that. Here’s how she did it.

20 year old Amity Williams had been saving since she finished school to get into the property market, and she has just purchased her first home in Logan. Picture Lachie Millard

Twenty-year-old homeowner Amity Williams began saving for her first home when she was 18 but had her eye on the property market long before that.

She said saving up for her first home meant plenty of sacrifices had to be made.

“I didn’t go out on the weekend, I also haven t really done any travel as an adult or gone on holidays,” she said.
“I could’ve gone to Europe with the money but I obviously chose not to.”

Ms Williams said she hoped mortgage rates would do down so it would be easier to pay off her home.

“I think if interest rates go down it’ll mean larger borrowing capacity so that’s good, however, it will also increase competition in the market which could mean an increase in property prices.

“I moved to Brisbane started renting and saving. I made the decision to purchase an entry level property out in Logan as you don’t require a large deposit.
“Multiple streams of income does help and so does commitment. It’s achievable as long as you have the correct mindset and you’re willing to do your research in an area that isn’t necessarily desirable, you have to have a sacrifice.”
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QLD REAL ESTATE: 12 Beverley Street, Beenleigh is on the market at the moment for offers over $549,000 and is listed by Trina Wilson and Brianna Dobbie, LJ Hooker Beenleigh

Ms Williams said she feels that if buyers are serious about getting into the market looking into areas outside Brisbane.
“People generally don’t want to buy or move to Logan but there is lots of potential for growth out there,” she said.
“I compared different areas, I saw the rental crisis people my age are facing and decided to dive in and purchase a property that I know over time is going to go up in value.” Place Bulimba partner and lead agent Paula Pearce said it’s important for young people to still chase the great Australian dream of owning a home.
“20 is a good age to start thinking about owning a home if you’re go a secure job and a set goal in mind,” Ms Pearce said.
“When you look at someone like Amity, she is aware she has responsibilities that she has to meet.

QLD REAL ESTATE: 9 Leanne St, Marsden is on the market at the moment for $525,000+ and is listed by Rebecca Cuderman and Taha Artani, Ray White Marsden.

“She knows that she has to be prepared to start from the bottom and chip away at that mortgage and know there will be a financial upside to that investment.”
Ms Pearce emphasised that buying a home was tough and was no easy feat for young people wanting to take on the challenge.
“You’re going to have to make sacrifices but it can absolutely be done,” she said.
“I would advise young people to get out there and do your research.”

Originally published as Sacrifice to get on home ownership ladder