RELATED: Allan slammed over law banning quick sales<\/a><\/p>\n
$11.6m update in billionaires\u2019 battle for Melb\u2019s best home<\/a><\/p>\n Owners await huge payday for Cash Converters site<\/a><\/p>\n The apartment she eventually bought was below $600,000, a price point she said had attracted strong competition from other buyers trying to get into the market.<\/p>\n \u201cI pictured my first home to be an actual house,\u201d Ms Young said. <\/p>\n \u201cWhat I\u2019ve ended up buying is a two-bedroom, 1970s brick block apartment.<\/p>\n \u201cIt\u2019s definitely not what I pictured five years ago that I\u2019d be doing, but it\u2019s probably the only real option that I have if I want to live in the area that I want to live in.\u201d<\/p>\n Ms Young said she had been renting for more than 10 years before deciding she needed to protect her financial future as a single person. <\/p>\n \u201cI got to a point where I was living on my own again and thinking, what is the next step for me as a single person and how do I protect my future financially?\u201d she said. <\/p>\n Ms Young said buying her first home had brought huge relief, but also a new layer of pressure.<\/p>\n She added that she did not have many friends who had purchased alone, so she turned to TikTok videos to understand the basics of conveyancers, brokers and the steps required before making an offer.<\/p>\n \u201cI was very naive,\u201d she said. <\/p>\n \u201cEvery time I went to see a property, it looked so good on paper and you\u2019d get there and it would be not what you expected.<\/p>\n \u201cThe price on the listing might have been something achievable, but the owners corporation was upwards of $6000, so then you go, okay, well that is completely off my list.\u201d <\/p>\n Ms Young said the 5 per cent deposit scheme had made buying feel more achievable, particularly because she did not have to rely on help from her parents.<\/p>\n \u201cWith the 5 per cent scheme, it is a lot easier to get in now and you do not necessarily have to rely on other people, like parents,\u201d she said. <\/p>\n Her advice to other younger buyers was to stay open-minded about what ownership could look like.<\/p>\n \u201cCould you buy a house with a friend? It does not have to just look like buying a house with a partner.\u201d<\/p>\n Sign up to the Herald Sun Weekly Real Estate Update. Click here <\/a>to get the latest Victorian property market news delivered direct to your inbox.<\/p>\n MORE: Photos expose secret Block bombshell move<\/a><\/p>\n Revealed: Block 2026 top secret plans<\/a><\/p>\n 695 Aussies trapped in $16.5m nightmare<\/a><\/p>\n david.bonaddio@news.com.au<\/p>\n Originally published as Ten-year Melbourne renter reveals brutal buying reality<\/a><\/p>\n<\/p>\n