JohnK
Veteran Member
- Joined
- Mar 22, 2005
- Posts
- 44,066
The key was to buy in right area. The top end of the market and the better areas have appreciated greatly.Three bedroom semi in Randwick 370sqm land = $82,000 Dec 1986 - two friends dating (18yr & 19 yr old both working) bought it. No it was not in a bad way, they moved in on the Thursday and housewarming on Friday night.
Didn't take long to get a 20% deposit on those amounts anyway.
Now same semi sold for $1.1mn with new kitchen and bathroom only difference. Fast forward to today and 20% deposit = $220,000 - no way 18 yr and 19 yr could (legally have that amount of savings).
Progress.
e.g I bought a unit for $113,000 in 1989. At best that is worth $400,000 now.