Unless you’ve been living under a gigantic rock (rent-free), you’re probably aware that buying a home in a major Australian city like Sydney is cooked.
According to data collected by the Commonwealth Bank of Australia, the median house price in Sydney as of February this year was $1,410,128. While data currently suggests prices could drop by the end of the year, it’s still a ridiculous (and sobering) reality for young people, especially amidst inflation, stagnating wages, and all that fun stuff.
Now, we’ve all heard the cynical, irritating drivel from boomers. Folks who managed to scoop up homes when they were as cheap as chips, telling young people to stop buying necessities in life like food and clothes. Because you know, after enduring two years of a pandemic, how dare we enjoy a breakky out with a friend on a Sunday morning?
Let’s indulge them for a moment — if I was to say, give up my daily coffee every day until I had enough even to entertain the idea of buying a house, how long would it take?
Here’s some really quick math.
Say, hypothetically, you’re buying a house for $1,410,129. To put a 10% deposit down, you’d need to have saved roughly $141,000 (roundabout).
If your average cup of coffee costs, say, $4.50 a day, you’d have to go un-caffeinated for 31,333 days to save for a deposit and around 313,361 days to pay off the house altogether. Easy peasy!
I’m 24, so at that rate, I’d have enough for a deposit by the time I’m 109.
Ha. Ha haha.
It’s bloody grim, but there are a few glimmers of hope. Everyone deserves the shot at owning their dream home one day, right?
Well, that’s where yourtown comes into things.
The do-gooders put together ten draws a year where the first prize is a new home. The choice of homes up for grabs is valued at over $3.3 million and comes with $50,000 Gold Bullion (actual gold bars). The Draw opened on Monday, 23 May and closes at 5 pm Sunday, 26 June 2022 — you can enter right here and suss out your (potential) future first home. The Draw closes at 5 pm Sunday, 26 June 2022 and the winner will be announced at 12 pm Monday, 27th June 2022.
Tickets to enter the draw cost $15, and all funds raised will go towards supporting a good cause — which is yet another incentive to enter. yourtown will use the money raised from ticket sales to support vital services that help young people, like Kids Helpline.
So, get entering, and you could win a home (incredible) and support services that assist young people in need daily.
It’s a win-win sitch.
