PHOTO: James Brown who just bought a new property in Vaucluse. Picture: Justin Lloyd Source: News Limited
Changing market forces are setting the scene for first-home buyers with the courage to swim against the tide – and some, like 20-year-old James Brown, are already taking advantage.
Being financially bold in the face of a global health pandemic might not come naturally, especially to nervous first home buyers. However, finding the courage (and the funds) to buy right now could pay off handsomely according to industry insiders.
By the age of 13, James Brown had a fascination with bricks and mortar.
Now aged 20, he has just signed the deed on his first property, but still lives at home with his parents.
“I always thought property was a good wealth creation strategy,” the university student said.
James and his cousin Marty, who works full time for the army, were separately saving home deposits, but decided to pool their resources.
“He had a bit of deposit, so did I, so we went 50/50,” he said.
“We thought it’d be better to buy in a blue-chip location where capital growth is higher,” he said.
For $750,000, they bought a one-bedroom unit in Vaucluse with a 12-month tenancy. Without any family financial handouts, James said the pair just “thought outside the box” to get on the ladder.
“Have a savings plan, be disciplined and speak to the right people to get advice,” he said.
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