Melbourne house prices: 19-year old reveals how she got on the property ladder, despite builder going bust

Zelta Medenis started saving for her first home at just 13 years old, and even after a setback with a builder — she found a way to break into the market. Here’s how she did it.

By expanding her search Zelta Medenis was able to find something with space, amenities and affordable pricing. Picture: Jake Nowakowski

19-year-old property manager Zelta Medenis started saving for her first home at just 13 years old.

Graduating year 12 early, she then landed a full time job at 16, before putting down a deposit on an off-the-plan apartment in Canberra a year later.

But when the company building her apartment went bust, she was forced to re-evaluate her options and put her deposit towards a pad in Melbourne instead — a 60-70 sq m one-bedroom apartment in St Kilda.

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“I was working at a cafe from the age of 13 to 17, saving up a lot of money,” Ms Medenis said.

“Then at 17, I worked in facilities management where I started the super saver scheme to allow me to save for my first deposit at the age of 17.”

Ms Medenis then had her mum sign her first contract for a yet-to-be-built home on her behalf, which they then transferred into her name at age 18.

But after having issues and delays with the build she ultimately decided to hold off on pursuing with that property.

“I was then looking everywhere and areas like Brunswick and Essendon I found were a lot smaller and there weren’t a lot of facilities,” Ms Medenis said.

At 19, the first-timer paid $378,000 for her Inkerman St home, which she purchased with the help of buyer’s advocate Amy Lunardi.

“I always look now for what things are selling for and it’s quite significantly more than what I paid, I think I did pretty good at bargaining.”

Zelta Medenis bought her first apartment in St Kilda after looking in areas such as Brunswick and Essendon. Picture: Jake Nowakowski

“I’m now able to pay my own mortgage instead of rent in this ridiculous rental market,” Ms Medenis added.

“I was lucky enough to score a very adult job when I was 16 and saved my butt off more than ever before putting down my first deposit at 17.”

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WHERE CAN LOWER INCOME EARNERS AFFORD TO BUY?

For those looking to follow in Ms Medenis’ shoes, right now there are only four unit markets that provide an affordable entry point for those earning $90,000 or below, without needing to save up a 20 per cent deposit, according to new data obtained by The Herald Sun.

Travancore was the cheapest option with the median price for apartments, units and townhouses currently $340,625.

Buyers would need to earn at least $72,812 annually to buy a pad in the inner northwest suburb with a 10 per cent deposit, according to the Finder data.

Flemington units are also affordable options such as 1/30 Finsbury St, which is for sale for $340,000-$360,000.

Units in Melton and Melton South are also an option for buyers making about $75,000-$80,000 a year, while the average household would just be able to scrape into the Notting Hill apartment market in Melbourne’s southeast on a $90,248 income.

Finder head of consumer research Graham Cooke said buying a home was “increasingly out of reach”.

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“Having a 20 per cent deposit is a general rule of thumb, but it’s getting harder and harder to reach this savings goal, especially for first-time borrowers,” Mr Cooke said.

Mr Borg added that the typical first-home buyer was usually aged in their 20s and earned $60,000-$70,000 a year.

“There are more and more people grouping up to buy together and we’re starting to see a disparity now between houses and apartments,” the buyer’s agent said.

Read more of this story and search how much you need to earn to buy in your suburb here.

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Originally published as Melbourne house prices: 19-year old reveals how she got on the property ladder, despite builder going bust