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Woman with $95,000 in savings hits out at now 'unattainable' Aussie dream: 'Sold a lie'

She said it's almost impossible to get a foot on the ladder with property as prices continue to hit record highs.

Woman being interviewed next to view of Sydney homes
A 30-year-old woman said it's 'frustrating' she isn't able to get a 'decent' property in Sydney despite having $95,000 in savings. (Source: TikTok/Getty)

A woman has opened up about her struggles in getting onto the property ladder despite having a large chunk of savings. It's no secret the housing market in Australia is extremely hot at the moment and there are few signs the situation will ease for wannabe homeowners.

But a 30-year-old has described how "frustrating" it is that even with nearly $100,000 in the bank, she can't seem to get the keys for a "decent" property. She was stopped on the street in Sydney for a TikTok video and asked what's stopping her from using that money now to buy a home.

"Even with what I've saved, it's really hard for the banks to loan you that much for what you need," she said.

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"I think it's really frustrating...[we were] kind of sold the lie that you work hard, you save a lot of money and you'll be out able to get into the property market.

"That's exactly what I've done. And, right now, it's still unattainable, especially for a single woman."

The unnamed Sydney woman said she had recently readjusted her priorities because she was embarking on a masters degree.

She has set aside her $95,000 in savings while she undertakes her studies because she would rather "live well" than own a home.

But she hoped that having her masters degree would allow her to earn more money in about five years and she'd be able to eventually buy a property.

"Even getting into something decent, even like a two, three-bedroom townhouse, it starts at like $650,000. And the entry-level is not great either," she explained to Coposit.

Aussies desperate to get the keys to their castle are facing a difficult reality.

As the price of buying continues to rise, many are confronted that the savings they've put away won't be enough to get their foot on the ladder.

Research from PropTrack released at the start of June revealed house prices rose to a new record in May.

Prices in Perth rose 20 per cent in a year, and nationally prices are up nearly seven per cent on May 2023 prices.

That is set against national wage growth of four per cent in the year to March. Capital city prices are now up 7.22 per cent year-on-year on average.

Homes have never been more expensive in Sydney, Brisbane, Adelaide and Perth.

However, prices were higher in late-2022 in Melbourne, Darwin, Hobart and Canberra.

“With housing supply unable to meet demand, national home prices have cycled through 17 consecutive months of growth to hit a fresh peak in May,” PropTrack senior economist Eleanor Creagh said.

Prices and rents were going up in part by building costs and time frames.

“Despite a rise in the number of homes for sale this year, strong population growth, tight rental markets, and home equity gains continue to bolster strong demand," Creagh said.

“This mismatch between supply and demand is continuing to offset the higher interest rate environment."

Interest stability has given buyers and sellers confidence, making home buyers pay perhaps more than they planned, Creagh added.

- with NCA Newswire

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