Avocado on toast: A look into financial sacrifice.
5 years ago Australian real estate mogul Tim Gurner famously advised young people to solve their housing woes by putting their ‘$22 a pop’ toast toward a deposit instead, cast a window into the generational divide of home ownership… how the relative difficulties make it harder or easier for one generation than another. Whilst the delivery of the message was seen as cynical, there was an element of relatable truth hidden within.
Lets just say, Australians of a certain age have definitely different social habits to those that came before them. Slightly more expensive taste, making full use of the ability to order anything, anywhere, with the click of the button. Amazon has preyed on our impulsiveness, ubereats on our hunger… and Airbnb on our want to be anywhere but here.
In proof to the concept that boring but effective will more often than not trump all, having a willingness to make that tough call in the long run pays off. Whilst it may seem anecdotal, we all know the stories of the couples who uninstalled ubereats/stopped the cheeky wine midweek/banned themselves from online shopping and somehow pulled $3,000 seemingly out of thin air.
That said, sacrifice does not mean bye bye social life. Not at all! With avocados cheaper than ever, recreating a bottomless brunch at home has never been easier.
Its not easy but its worth it. You don’t have to go full disciplined shaolin monk, completely removed from the temptations of the modern world, but make it something real. To get your foot in the door of home ownership the more you challenge yourself the more you will see the rewards. If you ever need reminding of this of this ask an older relative or mentor. Whilst there was less temptation the same concept still applies.
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1. Manage your time. This is the simplest concept when it comes to these things but is by far the easiest stumbling block to encounter. The minute whatever it is you choose as a secondary income starts to encroach into the space that your primary income inhabits, you have created a hinderance not a help, often giving you slightly more cash for a tonne more stress. Ambition is important, no question, but at what cost? Whatever you choose to do to augment your existing income, always ensure you have enough bandwidth to maintain time to do all those things that maintain your physical and mental wellbeing.
2. Knowledge is power. Whatever your hobbies or interests are, odds are someone has already shown how its possible to monetise them. Sometimes in the most obtuse ways. The mentality is, that you’ve collected some knowledge or technique that has value and you are putting it to use.
Obviously if mismanaged you can make a hobby feel like a chore, but when balance is maintained you can still sustain that sense of joy that it once brought and end up getting ahead in the process. And thanks to the joys of the information superhighway, whatever idea you have, there is someone showing you a play-by-play on youtube. Arm yourself with the knowledge.
3. Have a goal. Some days it is going to be a grind. Some days the motivation will be lacking. Some days you are going to have to give yourself an extra push. Easiest way to do that is to have a set goal. Its much easier getting up early on a Saturday after a tough five days at your “day job” knowing that every extra shift that you work, set of earrings you make, shirt that you design and print, dog that you walk… is one step closer to something tangible. A new car, a holiday… even something as crucial as a deposit for a house, these can be the carrots that get you out of bed. The mentality to tap into revolves around the simple concept of making the sacrifice of your time have something to show for it. I mean a gorgeous house is a hell of a monument to commemorate 18 months of Saturdays, is it not?
Suburbs to watch?
Mount Nasura, Wellard and Ashby are among 10 Perth suburbs with potential for solid price growth in 2022, following a strong year of sales growth in 2021.
REIWA President Damian Collins said the suburbs that featured on this list were suburbs that had recorded relatively low price growth during 2021, despite sales volumes increasing by 50 per cent or more in each area.
“It is often the suburbs that have high sales volumes and lagging prices that offer the best growth potential. They tend to have more ground to make up, especially if the suburb is in high demand with buyers,” Mr Collins said.
While all 10 suburbs recorded price growth during 2021, reiwa.com data shows their growth rate was below the overall Perth market growth rate of 13.1 per cent.
“Where we see the potential in these suburbs is looking at their sales figures, all of which saw a significant increase in sale in 2021. While there is no crystal-ball for property, suburb-level analysis of how individual areas are performing helps provide insight as to where the next big growth areas will be,” Mr Collins said.
REIWA do have a handy resource here that keeps an eye on each suburbs performance which could make a difference as to where you choose to make your home.