Be the Leicester City of buyers

Be the Leicester City of buyers

Think it’s impossible to buy property as a first home buyer? Think again. Bet you didn’t think Leicester would win the Premier League.

One of the biggest conversations in the Property World these days is ‘First Home Buyers’ – or for the purposes of our readers, Young People looking to get into the market, whether it be to live or to invest.

A common token of the marketplace that the media likes to latch onto – to cry and fly the flag of un-affordability because it generates the clicks, and can sway the votes. But, should we, as investors or young people buy into the hype?

I say no. We shouldn’t.

Every day there is a new article that leans on this idea that young people are hard done by. That Governments need to do something to address this ‘affordability crisis’. I put that term in quotes on purpose.

Now regardless of our views on the current state of affairs in property, especially Sydney, there is no denying that Property Prices are high, and it is quite hard for young people to get on the property ladder. I’m not here debating those points, nor saying something shouldn’t be done or any other rhetoric you wish to apply.

Sure, it be fantastic if prices were lower. Sure it be fantastic if we didn’t need as high a deposit, and it certainly be fantastic if they revamped Stamp Duty laws. But is sitting here complaining about it necessarily going to do anything?

The short answer is no. Absolutely not. There is nothing wrong with complaining and campaigning to attain a great result and to change things up. But if you put your plans to invest or buy on hold due to the potential of a policy change or due to conditions – you are the reason you can’t get in the market. Not external factors.

We need to stop blaming things. We need to stop blaming policies. Sure, some of these don’t make it easier, but what is waiting and whinging going to do?

I can tell you exactly what it’s going to do, it’s going to put you in the wrong mindset. And while you take a good year going through the anti-property rhetoric complaining about affordability, what happens to the market. It goes up. Making it even more unaffordable for you. Imagine if you piped down and worked hard to make it happen? You’d be in the market.

Live the Impossible Dream

I’d like to clarify that it is not the Impossible Dream. The media likes to complain about property purchasing as being well nigh impossible for young people, and yet there are countless young people making sacrifices and buying.

I use the Leicester City example as at the start of the season, nobody would have dreamt that Leicester City would have won the Premier League. Not in a million years.

In the same way, young people think they’ll never buy property. But now, at the end of the Financial Year (or football season) there are young people out there, countless, who have bought. And Leicester have won the Premier League.

Was it really impossible? No. How did they do it? They believed, they worked hard, put the right strategy in place. Be the Leicester City, and blow away the skeptics. Because who cares what they all say, if you work hard and you get it, you’ve proven them all wrong.

Constantly, every day, young people are out there buying, investing, maybe even getting the second one. It’s not as if nobody is buying. They are proving every part of the common and popular rhetoric wrong.

So instead of complaining, get out there and bloody do something about it. Buy somewhere else, invest, save and sacrifice.

Because while you may sit there and campaign for an upheaval of the Stamp Duty Laws, I’d rather reap the benefits with my 2nd or 3rd property, than try to jump up and get on the property ladder when property prices are even higher, and the laws you’ve been calling out for did nothing.

 

‘Impossible is Nothing’.

Author

Michael Turner is a Property Development and Analytics Specialist operating in Sydney’s Growth Centres and corridors. He is a Director of YPI, along with several roles at property development firms and agencies. He can often be heard on various radio mediums talking about Football and Property. You can find him on Twitter @mturnerypi or email him directly at m.turner@youngpropertyinvestor.com

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