Lawyer reveals ease of climbing property ladder amid housing crisis

A lawyer in Sydney has explained why it was "pretty easy" for him to climb the property ladder, shedding light on the current housing crisis in Australia.

With the crisis deepening, more Australians are giving up on the dream of home ownership. According to Finder, over 28 per cent of Aussies have abandoned plans to buy property in the past two years.

In a series created by Coposit St, an app designed to help Australians save for property, people in Sydney's CBD were surveyed about their savings. The 33-year-old lawyer revealed he has $50,000 saved and also owns his own property.

When asked about his buying experience, he remarked it was "pretty easy," but acknowledged his advantage as a professional in commercial and construction law.

The lawyer noted that for most people his age, buying property is significantly challenging. Finder's research indicates that young Australians now need approximately 12 years to save for a deposit on an apartment, and an additional four years for a house.

This equates to saving over $200,000 for a house deposit and around $170,000 for an apartment. The minimum household income required to afford the average house in Sydney has risen sharply to $277,856, compared to $129,464 in 2020. By 2025, buyers will need to earn an extra $148,392 to purchase an average house in Sydney.

Acquiring a deposit is only part of the challenge facing potential homeowners. Managing mortgages is another hurdle; Finder reports that in December 2014, one in three homeowners struggled to make mortgage payments, and 16 per cent of mortgage holders missed at least one repayment in the last six months.

Even the lawyer faces uncertainty about the future. When asked about his aspirations in the next decade, he expressed a desire for increased comfort. He mentioned that if he were to invest in more property, it would likely be outside the city, indicating a preference for land.

Despite his legal career facilitating his property entry, he shared that it is not his true passion. "Who loves their job really?" he pondered, describing his job as "okay," with the primary benefit being the ability to cover expenses and enjoy a comfortable lifestyle.

In the comments, some questioned why he only had $50,000 in savings at 33, given his profession. One commenter suggested it was imprudent for him to hold onto more cash, while another pointed out that purchasing property in Australia typically depletes savings, indicating he is doing well with his financial situation. One Aussie noted that hearing about his savings made them feel better about their own circumstances, highlighting the broader issue of the failing system affecting many Australians.