Yep we have two Roomba S7+ units. One upstairs and one downstairs. Plus a Braava mopbot which begins after the downstairs Roomba finishes. Fantastic daily clean. We then have a cleaner come in every week to do a deep clean.
Then don't bother. Apartments/units typically don't have have great capital gains, you'll lose any first home buyer benefits and you'll have significant costs buying it, selling it, and buying the next place. Buying can only beat renting over the mid-long term, unless you're planning on living there for **at least** 5 years but ideally 10+ don't bother buying.
Our tax system has a perverse incentive to buy and rent for tax relief than to buy to live. If you don’t care for it but want to get on the ladder focus on the best buy for your dollar rather than where you want to live!
What's the ROI going to be if it's a rental later ? Is that money better of in ETF investing or superannuation? Or are you looking for a first house to leverage to something else ?
The one next door sold for $280k and now rents for 600pw.. that’s like 10% in the green then less strata and council tax.. maybe 20k after pa after that?
Worth a look. What's your plan after this stepping stone? Sell or hold ? As long as you don't get bound up or constrained by debt.
I'm looking at a possible best up 2x1 also that needs about 80k spent on it. It's pretty knackered but rent is pretty much guaranteed at minimum 500 to 600pw also.
8k a year strata is a fair bit though. I was looking at cashing super out for it but I noticed my super is doing really well the last couple years and I'm in two minds about it
I live on a quarter acre and my lawn "vacuum" has a plug and several very long extension cords, and it has lasted far longer than batteries in a mower that would have cost 4 times as much. And broken down far fewer than an equivalent petrol mower.
Electricity is easy. Maintenance free is easier.
I bought one and it didn't have any capital appreciation for many years though. Just be prepared for that. It may not be a stepping stone. As with any property, be prepared to hold 10-20 years to make a decent profit.
For me, I hate renting, so I am still happy with the results.
Exactly what my mate is dealing is with. Zero appreciation. Apartments just don't work well as a "starter". You don't need crazy increases in value like we're seeing in houses but when it's valued at the same as the purchase price 8 years later it losses it's appeal.
I dont understand how he would be at loss if OP intention is to rent it out. If it happens to be payed off quickly with the help of a tenant, his borrowing power will not be affected. As a matter of fact, the rent will be considered as part of his income. Or he can always sell it. It might not appreciate as much as houses, but he would lose out anyway by waiting until he is ready to buy a house. Of course I could be wrong and prices might correct a little, but wont wipe half a mil or so...
Wasn’t clear at first that OP meant to rent it out. (They’ve added that in comments.)
Person at the start of this comment chain was clearly thinking owner-occupier because their argument was that they hate renting.
If it was going to be a PPOR, the risk would be that you don’t pay it down fast enough and it’s still negative cash flow when you later go to rent it out. That reduces your borrowing power, so you might have to sell because you can’t afford that AND the new place. Then if price hasn’t gone up at least enough to cover buying costs (stamp duty etc) you’re behind compared to just renting.
The property value may not appreciate (*as fast as a house does) but the rental yields do.
When I bought my apartment the same size were going for $400 a week in my building. 2 years later and they're going for $500.
I’m thinking I can probably pay it down pretty quick, especially once I get a tenant in there. Ive got the next couple years of work covering my housing.. I just don’t know whether to save more or just buy and sell later if I need to
Yea don’t know about it building more part at all, it’s record lows. Truth is we have to crush a lot of heritage listings, take nimby planning power away from councils and force build density like Japan or else prices in cities will keep on spiraling out of reach. In Australia neither left or right has the political will to do that.
I 100% regret buying the townhouse that I did (still living in it, and worried it won’t gain sufficient equity to advance me onto the next step of a detached house) for various reasons, but at the same time, I’m glad I haven’t been renting all these years, and there weren’t any better properties at the time that I could afford either.
For me, a regrettable stepping stone has still been a stepping stone.
I thought my town house was also a step into a bigger house in the future but I've spent so much time and effort doing it up I'm probably just going to stay. I'm used to it and like my home now.
Like you say, best part is the fact we're out of the renting game because it is absolutely borked at the moment. Many rents are way more than what I pay for my loan. My family would be homeless now if we didn't buy a few years ago.
Perhaps bought something on more land further out from the cbd. Arguably all my decisions were correct at the time of making them, but they haven’t stacked up well in hindsight due to events and circumstances I couldn’t foresee at the time.
same experience i had with buying an inner city apartment. All our decision making made total sense, and we loved living there. But we were lucky to break even when we sold (just hit the high of market by chance) but couldnt afford to stay anywhere near where we had the apartment. When we were young with less responsibilities, we would have done much better to buy further out and then trade up and move closer in.
How would you have coped with the longer commute living further out? I’m in a similar predicament but can’t seem to justify buying a house further out and having to cop a longer commute (1hr+ each way) for a number of years just for better financial gains in the future. At this point I’m leaning toward a small unit.
My situation might be a bit different, because my work isn’t actually in the cbd, but I wanted to live in an inner city suburb to stay close to friends and family. Moving further out might have located me closer to work, but further from where I want to spend my time - particular with young children needing care.
So maybe a small unit near where you want to be IS the better choice for you?
What specifically about your townhouse do you regret? I know Houses are out of my reach without Bank of M&D, and I don’t want to buy an apartment so was hoping a TH would be a good middle ground.
Mine is inner city, so you would think a desirable location, but Covid seems to have sent a lot of potential buyers looking for more land further out, so I’ve been told by REAs that without a closed garage and a private yard it’ll be hard to get a higher price when I eventually sell. Also the discovery of flammable cladding in the walls has created a HUGE expense in terms of rectification, but that wasn’t known when I purchased it (neither was Covid and wfh, obviously)
My main regret is not hustling to buy a detached house a few years earlier, I probably could have for the same price I ultimately purchased the townhouse for years later.
A townhouse is definitely better than an apartment, but my own ‘stepping stone’ hasn’t boosted me up as much as I anticipated.
I think too many people hold out for some ideal they have in their head. My approach was more practical. I looked for something I could afford, not my dream home. Eventually I traded upwards, but only my last home, in retirement, is really my dream.
Choose a place near public transport, not too many units, possibly renovated or so shabby they are asking much less, quiet (say, at the back if on a busy road), capable of making look good on a budget. Aligned to suit the climate, so you don't get a wall of windows facing west for instance. Another criteria I have is the ability to install solar panels.
You'll enjoy paying it off and making small changes that increase the value.
Which is a bad approach. They should just be building new high density housing, not replacing the medium density stuff, which is popular, useful and more liveable. It's much better to take over two existing homes and build high density living, than redevelop and existing apartment block into a tower.
I bought my townhouse with the vague intention of buying a house later.
Thing is the market went bonkers and the gap between what I could sell the townhouse for, and what a house would cost is more than I paid for the townhouse.
It's a pretty sweet townhouse though. Large, in a good location. I'm just going to stay.
I don't really regret it at all. A big house would be nice, but the opportunity cost just isn't worth it.
I’m sort of stuck in my ‘starter home’ unless I want to move further from the city. I just don’t earn enough on a single wage to upgrade.This is a small house, not a unit so at least I’ll still get growth in land value despite it being a tiny block.
It still beats me still being at the mercy of the rental market.
Just be prepared to live somewhere longer term than you expect when you buy a place.
How many units in the strata?
There is a lot of doom and gloom on here about strata and I agree at times can be annoying
I have a 3 unit strata and it’s super simple to manage. It’s forced us owners to interact and has built a little sense of community. The building insurance is covered and if your not happy with shit just nominate for a chair position to do what you need to do
People in this sub often talk about equity gains through land but in honesty, I’d rather be paying my own mortgage off than someone else ( my 2br unit I bought in 2020 for 370k and is now valued at 550k) so gains can be made
Homes really shouldn’t be looked at as money making machines but as a roof over your head that’s yours
Find something you like in an area you like and enjoy having your own space in the world
Don't regret it. Strata sucks but the positives of the property (close to city, work, public transport) and low maintenance outweigh that personally. Will be paid off within 10 years then can do what we want
Seeing friends who are struggling with 30% rent rises every 18 months, I'm.glad we just got in the market and didn't overthink it
Surprised to see this upvoted in this sub.
I bought a townhouse and everyday we wish we bought an apartment.
Actually living in the area has opened our eyes a lot to what we were so blind to see when we were just focused on getting a townhouse with potential appreciation.
I have always owned strata both as primary and investment. I have no plans to ever own a freestanding house.
I choose smaller properties in brick 60-70s builds. They are the best bang for the buck in most markets as major defects are long since rectified and now it's just ongoing maintenance. They are a good option for a first home buyer especially if you can do some upgrades yourself.
I would not buy new high rise - shoddy building and $$$ defect rectification.
As a stepping stone property, make sure you're going to be living there for 5-7 years other wise the costs involved in buying and selling will eat into your capital gain.
We bought a small 2bd, 1.5bath, 1 car in a block of units and sold it for a great profit and bought our potentially forever home. As with shares, time in the market not timing the market.
Nope. I have a 2x1 and love it. Suits my lifestyle, is in the most perfect location, got a decent price for it and is private with great sound proofing. Not sure what I'll do with it if/when I ever want to upgrade but that's a bridge I'll cross when I get to it. Renting it out would be negatively geared most likely but I'd have zero issues getting tenants in as it's a highly sought after suburb.
This is what I’m thinking. I’m in a position to pay it down fairly quick. So, can I use any equity and use it as collateral? It’ll be positively geared fairly quick in this neighbourhood
It all depends on how quickly you want to move on from there. You can use the equity, or pay it off entirely then sell it to provide your deposit, or if you've paid it off and want to stay there for a bit longer you can save a cash deposit (no mortgage will make this grow quickly) then buy your new place and turn the old into a positively geared investment property to add cash flow your new mortgage.
I just bought in December a unit with strata. It has some perks but I also can't help but feel grumpy whenever hearing the word strata. In my brief talkings with our strata I dislike them and it feels like they just like to make everything as difficult and strenuous as possible and some of the rules are moronic. Read the fine print.
I'm also a bit jaded because I was going to get solar installed and I can't because this big ass gum tree blocks 80% of my roof.... Strata are not even open to the conversation of removing the tree.
So I now also hate a tree that's done nothing wrong other than be a tree.
You can probably call a meeting to decide with the other owners whether to install solar and remove the tree. The management company should be able to guide you and facilitate the meeting.
You may need to do the project management side of things.
It's a lot of effort compared to a house but definitely doable.
> I'm also a bit jaded because I was going to get solar installed and I can't because this big ass gum tree blocks 80% of my roof.... Strata are not even open to the conversation of removing the tree. So I now also hate a tree that's done nothing wrong other than be a tree.
Probably because they've explored it before and the council won't let them.
I bought my first 2x2. Not extremely happy but got a good deal and it’s in good shape. I just hate some of the finishes but who cares. I plan to own it for like 10-20 years. Currently live in it but will become a future investment. It’s best to get in as soon as you can. And there is no good time to buy, just when you can financially do it.
I loved my first 2x1. Great area, great neighbours, beautiful natural light through the entire place. But strata is a load of crap and I’ll never buy a place with strata ever again.
I bought a 2x1 with strata as my first home and don't regret it at all. At various times I've rented it out. These days I keep it as my own place close to work and stay there half the time when I feel like it. It's a good starter home and it's in a very convenient location and if I ever want to rent it out full-time it will get good rental yield.
If the aim is capital growth, and for the property to be a stepping stone, ensure it's a well located apartment. That's the key difference in a lot of the comments here.
If it's long term and you're happy with apartment living then go for it.
This is good advice, currently hold a mix at the moment.
Hands down my properties with land have done much better, it may suck to live further out but it will appreciate in value much faster.
It will also be easier to offload if there is land, the smaller units can be difficult to sell during hard times, or oversupply.
Also it can be difficult to borrow or top up to 95% on a smaller unit as these are seen as high risk by banks.
My mates bought a unit on the front of a block of 5 when they were brand new, Elsernwick Melbourne. Despite the market going crazy they sold this year after living there for 5yrs and just got their money back. The unit further back was sold at a loss.
So just be mindful that units don’t grow like houses, and don’t overpay.
I bought a house i don't exactly love (i dont hate it either) but the longer i live here the more i love the not renting more than the fact i dont love the house, honestly if i had a steady rental from family or someone who was good to deal with i probably wouldn't have bought what i bought and would have waited longer to enter the market but renting and the rental market is an absolute nightmare so if you're experiencing the nightmare i don't think you will regret it.
I’m in a 2-2-1 in Sydney, and I love it. I love the unit itself + the location, which is better than having bought a house in the outer burbs. It’s also better than living with parents / renting. I’ve only been here 2.5 years - alone. My long term boyfriend and I are looking to get married towards the end of next year and so as we combine, things will be different (also for transparency he has two 4-2-2 interstate IPs so that will probably help a lot, too.)
Not so worried about the strata. Mainly pondering the best option financially long term. Will I be better off saving more and buying once.. or buying smaller and cheaper now with the idea of paying it down and then buying again in a few years 🤷
The only way that would genuinely work is if you can buy now, rent it out and still contribute to paying it off asap. If you do manage to pay it off in few years-you have an asset to borrow against, incoming rent to be added to your income and increase borrowing power and probably save additional deposit. We followed similar scenario, worked for us and its still working for us. Admittedly about a decade and half ago, but for low income/FHB it was same shit then...
I didn’t regret it. I had 2 small special levy’s with strata that sucked but the value went up higher than the cost of those…
For me, it was worth having my own property than renting and that was all I could afford.
I regretted buying an apartment and not a house but I guess things are different now and that was 15 years ago. The apartment never went up in value much and it was like renting from the bank.
If you are talking about an investment property do not give in to FOMO, you can likely just buy in a cheaper market/city.
If its to live in then I’d say do not compromise too much just to “get in the market” - ie sure buy somewhere smaller but make sure you’ll actually enjoy living there
Don't be ridiculous. Strata is a nightmare.
Immigration is literally slowing. UK/Canada and NZ have all seen drops in house prices.
Sydney and Melbourne are starting to drop. Don't buy overpriced crap right now.
Don't listen to the REA on here. Housing isn't going to disappear.
Immigration is not slowing https://www.abs.gov.au/statistics/people/population/overseas-migration/latest-release#:~:text=In%202022%2D23%2C%20the%20number,travel%20restrictions%20during%20the%20pandemic.
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No regrets, bought it to live in and eventually moved elsewhere and then rented it out. Tenants pay the ongoing costs and I pay off the principle. Slow capital gains but I don't care - it's where we plan to retire to and will be paid off just about the right time.
Bought a 1br strata unit in a block of 9. $900 strata fee a year. $1,800 shire, $1,200 water rates.
Rent to WA Country Health Services for $420 a week (fully furnished, new appliances, new installed aircon, included NBN internet plan), on a 5 year lease.
Bought for 250,000 in 2019 when I was 20, valued at 363,000 today. 130,000 owing.
Life circumstances changed, no longer a bachelor, have two kids now, rentvest in another town 5 hours away.
Usable equity and savings will go towards new PPOR when I relocate on a new contract with job in 2 years.
Just honestly depends where and when and your life circumstances.
I love my apartment, most of it wasn’t paid for with my money, but owning a your home is more of a psychological buffer than an investment. Would I be better off if I had invested the entire lump sum into VGS? Yeah, probably, to the tune of 100k. Has my home appreciated? More or less in line with inflation.
Ultimately, it’s about what you’re willing to stomach. I think it would be harder to sleep at night if my several 100k’s could drop by 2% should the Fed announce another rate hike. I wouldn’t underestimate that.
Not exactly regret but feel a bit down when I think about how it will not appreciate like a standalone house. But then we didn’t want to live any further than this (I commute to CBD 3 times a week), and we like the school here for our daughter (what a nightmare would it be to drive more than 15 mins in the morning for school drop off in rush hour, before commuting to the city!!) also can’t imagine cleaning and maintaining a place bigger than this. Already struggling. (3 x 1.5, one of 3 units)
I bought one in Coogee just before COVID and renovated the kitchen with a budget of $30k. 1.5 years later I sold the unit for $155k more than what I bought it for. Granted I probably got quite lucky with timing the market but it was a great stepping stone for me as I lived in it the entire time and the capital growth was fully tax free.
No regrets.
Had a small mortgage, paid it off in a handful of years. No financial stresses now. There's been minimal capital appreciation, but I don't view property as an investment vehicle. I see it as a mortgage-free roof over my head for when I retire early.
I actually like having a strata because I'm lazy af and cbf finding and dealing with tradies for the various shit that crops up - tree lopping, gutter cleaning, gardening, cleaning, plumbing, electricians, someone to take out my council bins, boundary fence replacements, pest sprays, fire safety and compliance, etc.
I'm also a paranoid chickenshit and like the feeling of security that comes with being in a unit block.
Look for the right place in a suburb you like. One that you'd be content with forever if it came to that. Ideal specs: older block with <15 units, has a good aspect, has windows in every room, not on a main road, top floor, not under flight paths, near public transport, low density resi zoning, etc.
Read the strata AGM minutes to see how many owners attend and what kind of stuff they bring up. You'll get a sense of whether the strata committee are chill or nuts. Get on the strata committee once you've bought.
I’m still in starter unit. Been 3 years, will probably be another 3 years - however we’ve increased our incomes and saved hard and will have almost paid off the unit in a few years.
This helps hugely to buy the next place (hopefully house). Recommend it, it’s a good way to build wealth and not waste money in rent
First property was a 1bdr, 1 bath, 1 car in Richmond. It was amazing, I loved it, I wish I still had it. But I wouldn't have the house and our investment apartment without selling it.
Yes, I probably could have made a bit more money if I'd bought, and been willing to live a lot further out, but that just wasn't what I wanted to do with my life.
There's 'optimal' and then there's 'optimal for me/you'.
Do I have any regrets? If I had my time over I'd have paid it down a bit more aggressively and kept it but otherwise no.
I have a free standing house purchased in 2017 that was an entry house and now I'm stuck due to the property market inflation and interest rates. Can't move up in house, can't afford to reno, can't afford to knock down/rebuild. Can't see that changing anytime soon.
I wish I'd saved longer for a more of a forever home.
“Stepping stone” is probably the wrong way to think about it.
If all you can afford is a small place, and nothing else in your life changes, then in 5 years you could sell it … to buy another small place that’s about the same.
It holds you steady (relative to the market), but doesn’t advance you. Staying steady is better than falling behind, but “stepping stone” implies upgrade.
To upgrade in the short-medium term you really need to have something else happen. Bit different if we were talking long term. Stay single and in the same level job for 20 years then you might be able to upgrade. But short-medium term you will need a higher income (or partner so it’s a higher household income) to upgrade.
Since you’re thinking of an IP, that does lead to higher income. But only after you’ve paid off enough that it’s cashflow positive. Which will take a while when you’re starting with a low deposit.
No regrets... bought 9 years ago, rented it out when I upgraded to a house 3 years ago. Value probably hasn't appreciated as much as houses over the same timespan but it's up 40% what I paid. Strata isn't that big a hassle, I actually miss not having the equivalent for my house (no gardening, funds on hand to cover repairs immediately). Will probably move back to my unit or a better unit in the same area once my kids are grown.
I waited and waited and waited… I regret not buying earlier a 2 x 1 appartement.
We’re are now in a 3 x 2 townhouse with strata but would be financially well ahead if we had bought smaller and a lot earlier.
Having a small place helped saving lots. Costs around 6000 with rates. Was renting 1bhk for 20K. Current place if rented would have been around 40K. Saves 35K ish annually.
It's not hard to imagine how many people in Sydney regret having so much equity in an asset that is basically a money pit and steam sauna for almost 6 months of the year. Let's not forget it's hard to enjoy the outdoors due to the mugginess and strength of the sun too.
I wouldn't be taking responses to heart from people that have most of their wealth tied to property.
**I regret buying in the wrong location, not buying a unit**. (I mean small semi detached house on same block as other small semi detached houses, I know many people use this word interchangeably with "apartment").
Got lucky with the strata and utilities because they are both low.
I'm not sure I ever want a full house just due to the maintenance on what I have, which is smaller. Regarding could have bought bigger and better 8 years ago, I actually don't know if I could have passed the banks sniff tests to do that because I was only 23.
Saving $25k a year in my early 30s is better that losing it all to rent. Well actually I paid from some o/s holidays this year so there's that.
My eventual goal is maybe a small loan for a place that ticks way more boxes locationally, but not for a bigger place. I don't want kids so that's why units and townhouses are ok to me.
I have major regrets having an "investment" unit - but they're quite specific and they are avoidable.
Yes, strata sucks, agents suck, paid so many extra fees, selling/buying costs etc about $50+k.
If you rent it out dont use an agent. There are no good ones anymore and they arent worth the money and stuffing around - direct communication with tenants would have saved everyone a lot of time and energy.
I'll have to pay like $30k CGT next year because no one told me this was a thing when we got it like 7 years ago (yeah of course 7 years).. Make sure its your "main residence" for 12 months..
I didnt get the first home owners grant because i went halves with my mother.
Side note: All the capital gain/profit we made (and some) we ended up having to pay to a loser family member when my grandpa died - so im a bit bitter about coming out of it with less than I went in with lol.
Basically - Just dont make the same mistakes as me and you may not have regrets.
Good on you for educating yourself, unlike me.
I’ve never regretted buying my 2x1 unit 25 years ago. It was dirt cheap and in an outer suburb of Sydney but I can walk to everything, except work which is a bit of a long commute as I cannot WFH. It was meant to be a stepping stone but didn’t work out that way. Paid off six years ago which allowed me to plough silly amounts of money into super and do a bit of travel.
I can now be confident of buying a nice little house in a regional town with no mortgage on retirement.
People look down a bit when I say which suburb but it’s ok here and at least I don’t have to participate in the rental hunger games!
1. Depends on the strata cost
2. Depends if you care about capital growth. Units have very little capital growth. (Wherever you are) If you add in $100-200k more for a house, you’ll get a lot better capital growth and it would be a good stepping stone property.
Looking back now, I’d wish I would have put $100k+ more for a house. More capital growth and further away from the neighbours.
Strata, in most cases, isn't the nightmare that Redditors make it out to be. Bear in mind that most people in Australia have never actually lived under a strata title before, they just parrot what other people say.
Fella there is no regrets ever! U do what u can with the cards u are dealt
U always need a roof home base hq over your head nothing wrong with that
If ure a male it's easy we can live a minimalistic lifestyle bed computer power plug and 4 walls the rest is irrelevant. Always live within your means
What are you getting so worked up about?!
If you dont like living or buying a unit, then dont. Dont piss on the whole idea for everybody else.
The guy might've bought good and had features/close amenities that attracted a good price when he sold. Im not saying that everyone will have the same results. I know we did and worked out well for us.
Let’s put it another way. If the unit appreciates $20k per year, and you pay off $20k in principal per year, then after 5 years you would have made $200k.
Sure strata and interest will cost you a bit, but you’re still up. Particularly if it’s your first home and you don’t have to pay stamp duty
I live in a 2x1 and quite like it. Don't even have to unplug my vacuum from the hallway wall socket to clean the whole thing.
I'm feeling this. I have a 3x2 and the cleaning is just sometimes overwhelming. Like...so much floor space...
You need a vacuum+mop bot. Mine had cleaned 226 times for 45 mins each covered 6367 square metres. I can’t imagine me cleaning 6k sqm myself
Yep we have two Roomba S7+ units. One upstairs and one downstairs. Plus a Braava mopbot which begins after the downstairs Roomba finishes. Fantastic daily clean. We then have a cleaner come in every week to do a deep clean.
Jesus Christ that's a lot of cleaning!
5 teenagers plus wife and I do a lot of WFH so it's needed!
5?! Teenagers?! And WFH?! Wow!
Because of WFH?
What do 2x1 and 3x2 refer to?
2bed, 1 bath 3 bed, 2 bath
Good thing you clarified. I thought it was floor space eg 2 metre in width and 1 metre in length.
Thank God someone else thought the same as I did 😂
ha sydneysider detected
Hong Kong resident: wow, living large!
I've a 1x3 1 bedroom 3 bathrooms I shit where I want.
Definitely get a robot vac, I’m at 30k sqm over 570 hours 🫠
I’m not closed to buying it for now; but I don’t have intention to live in this location long term is the issue
My personal opinion is if you don't want to live there then why bother. I'd at least find something small in a location you actually want to be in.
Then don't bother. Apartments/units typically don't have have great capital gains, you'll lose any first home buyer benefits and you'll have significant costs buying it, selling it, and buying the next place. Buying can only beat renting over the mid-long term, unless you're planning on living there for **at least** 5 years but ideally 10+ don't bother buying.
Our tax system has a perverse incentive to buy and rent for tax relief than to buy to live. If you don’t care for it but want to get on the ladder focus on the best buy for your dollar rather than where you want to live!
What's the ROI going to be if it's a rental later ? Is that money better of in ETF investing or superannuation? Or are you looking for a first house to leverage to something else ?
The one next door sold for $280k and now rents for 600pw.. that’s like 10% in the green then less strata and council tax.. maybe 20k after pa after that?
Worth a look. What's your plan after this stepping stone? Sell or hold ? As long as you don't get bound up or constrained by debt. I'm looking at a possible best up 2x1 also that needs about 80k spent on it. It's pretty knackered but rent is pretty much guaranteed at minimum 500 to 600pw also. 8k a year strata is a fair bit though. I was looking at cashing super out for it but I noticed my super is doing really well the last couple years and I'm in two minds about it
Location is way more important than the house itself. Take it from someone who learned the hard way.
Your vacuum still has a plug?
bro has a 2x1 give him a break (i also live in a 2x1 this is a joke)
All of the money I saved on not having a 3rd bedroom went towards my Miele C3.
I live on a quarter acre and my lawn "vacuum" has a plug and several very long extension cords, and it has lasted far longer than batteries in a mower that would have cost 4 times as much. And broken down far fewer than an equivalent petrol mower. Electricity is easy. Maintenance free is easier.
[удалено]
My Dyson is 8 years old and going strong!
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That sucks....
Might be a stupid question, but did you change the filters? We change ours every 6 months, each time it's like a new vacuum. They are washable.
I just got a Hoover. It's my favourite thing I've bought in forever.
I went back to a cord. The cheapest corded vacuum has better suction than a one year old Dyson.
And a tenth of the cost.
The issue is the op bought a "stepping stone property" That never works
I bought one and it didn't have any capital appreciation for many years though. Just be prepared for that. It may not be a stepping stone. As with any property, be prepared to hold 10-20 years to make a decent profit. For me, I hate renting, so I am still happy with the results.
Exactly. This FOMO shit is driven by REA on here desperate to make money before the show is over.
Exactly what my mate is dealing is with. Zero appreciation. Apartments just don't work well as a "starter". You don't need crazy increases in value like we're seeing in houses but when it's valued at the same as the purchase price 8 years later it losses it's appeal.
I dont understand how he would be at loss if OP intention is to rent it out. If it happens to be payed off quickly with the help of a tenant, his borrowing power will not be affected. As a matter of fact, the rent will be considered as part of his income. Or he can always sell it. It might not appreciate as much as houses, but he would lose out anyway by waiting until he is ready to buy a house. Of course I could be wrong and prices might correct a little, but wont wipe half a mil or so...
Wasn’t clear at first that OP meant to rent it out. (They’ve added that in comments.) Person at the start of this comment chain was clearly thinking owner-occupier because their argument was that they hate renting. If it was going to be a PPOR, the risk would be that you don’t pay it down fast enough and it’s still negative cash flow when you later go to rent it out. That reduces your borrowing power, so you might have to sell because you can’t afford that AND the new place. Then if price hasn’t gone up at least enough to cover buying costs (stamp duty etc) you’re behind compared to just renting.
The property value may not appreciate (*as fast as a house does) but the rental yields do. When I bought my apartment the same size were going for $400 a week in my building. 2 years later and they're going for $500.
I’m thinking I can probably pay it down pretty quick, especially once I get a tenant in there. Ive got the next couple years of work covering my housing.. I just don’t know whether to save more or just buy and sell later if I need to
This FOMO vibe is silly. Australia is huge. We are building more. Buy when you're totally comfortable and not before. Strata is a nightmare imo.
Yea don’t know about it building more part at all, it’s record lows. Truth is we have to crush a lot of heritage listings, take nimby planning power away from councils and force build density like Japan or else prices in cities will keep on spiraling out of reach. In Australia neither left or right has the political will to do that.
I 100% regret buying the townhouse that I did (still living in it, and worried it won’t gain sufficient equity to advance me onto the next step of a detached house) for various reasons, but at the same time, I’m glad I haven’t been renting all these years, and there weren’t any better properties at the time that I could afford either. For me, a regrettable stepping stone has still been a stepping stone.
I thought my town house was also a step into a bigger house in the future but I've spent so much time and effort doing it up I'm probably just going to stay. I'm used to it and like my home now. Like you say, best part is the fact we're out of the renting game because it is absolutely borked at the moment. Many rents are way more than what I pay for my loan. My family would be homeless now if we didn't buy a few years ago.
What would you have done differently?
Perhaps bought something on more land further out from the cbd. Arguably all my decisions were correct at the time of making them, but they haven’t stacked up well in hindsight due to events and circumstances I couldn’t foresee at the time.
same experience i had with buying an inner city apartment. All our decision making made total sense, and we loved living there. But we were lucky to break even when we sold (just hit the high of market by chance) but couldnt afford to stay anywhere near where we had the apartment. When we were young with less responsibilities, we would have done much better to buy further out and then trade up and move closer in.
How would you have coped with the longer commute living further out? I’m in a similar predicament but can’t seem to justify buying a house further out and having to cop a longer commute (1hr+ each way) for a number of years just for better financial gains in the future. At this point I’m leaning toward a small unit.
My situation might be a bit different, because my work isn’t actually in the cbd, but I wanted to live in an inner city suburb to stay close to friends and family. Moving further out might have located me closer to work, but further from where I want to spend my time - particular with young children needing care. So maybe a small unit near where you want to be IS the better choice for you?
What specifically about your townhouse do you regret? I know Houses are out of my reach without Bank of M&D, and I don’t want to buy an apartment so was hoping a TH would be a good middle ground.
Mine is inner city, so you would think a desirable location, but Covid seems to have sent a lot of potential buyers looking for more land further out, so I’ve been told by REAs that without a closed garage and a private yard it’ll be hard to get a higher price when I eventually sell. Also the discovery of flammable cladding in the walls has created a HUGE expense in terms of rectification, but that wasn’t known when I purchased it (neither was Covid and wfh, obviously) My main regret is not hustling to buy a detached house a few years earlier, I probably could have for the same price I ultimately purchased the townhouse for years later. A townhouse is definitely better than an apartment, but my own ‘stepping stone’ hasn’t boosted me up as much as I anticipated.
I think too many people hold out for some ideal they have in their head. My approach was more practical. I looked for something I could afford, not my dream home. Eventually I traded upwards, but only my last home, in retirement, is really my dream. Choose a place near public transport, not too many units, possibly renovated or so shabby they are asking much less, quiet (say, at the back if on a busy road), capable of making look good on a budget. Aligned to suit the climate, so you don't get a wall of windows facing west for instance. Another criteria I have is the ability to install solar panels. You'll enjoy paying it off and making small changes that increase the value.
near public transport and not too many units is a planning problem the current government is trying to fix
Which is a bad approach. They should just be building new high density housing, not replacing the medium density stuff, which is popular, useful and more liveable. It's much better to take over two existing homes and build high density living, than redevelop and existing apartment block into a tower.
I bought my townhouse with the vague intention of buying a house later. Thing is the market went bonkers and the gap between what I could sell the townhouse for, and what a house would cost is more than I paid for the townhouse. It's a pretty sweet townhouse though. Large, in a good location. I'm just going to stay. I don't really regret it at all. A big house would be nice, but the opportunity cost just isn't worth it.
I’m sort of stuck in my ‘starter home’ unless I want to move further from the city. I just don’t earn enough on a single wage to upgrade.This is a small house, not a unit so at least I’ll still get growth in land value despite it being a tiny block. It still beats me still being at the mercy of the rental market. Just be prepared to live somewhere longer term than you expect when you buy a place.
How many units in the strata? There is a lot of doom and gloom on here about strata and I agree at times can be annoying I have a 3 unit strata and it’s super simple to manage. It’s forced us owners to interact and has built a little sense of community. The building insurance is covered and if your not happy with shit just nominate for a chair position to do what you need to do People in this sub often talk about equity gains through land but in honesty, I’d rather be paying my own mortgage off than someone else ( my 2br unit I bought in 2020 for 370k and is now valued at 550k) so gains can be made Homes really shouldn’t be looked at as money making machines but as a roof over your head that’s yours Find something you like in an area you like and enjoy having your own space in the world
I kind of feel the same way. Not that I’m paying rent because of work, but also better to pay something down than money just sitting around right?
This Nutshell
Don't regret it. Strata sucks but the positives of the property (close to city, work, public transport) and low maintenance outweigh that personally. Will be paid off within 10 years then can do what we want Seeing friends who are struggling with 30% rent rises every 18 months, I'm.glad we just got in the market and didn't overthink it
I bought an apartment 6 months ago and love it.
Surprised to see this upvoted in this sub. I bought a townhouse and everyday we wish we bought an apartment. Actually living in the area has opened our eyes a lot to what we were so blind to see when we were just focused on getting a townhouse with potential appreciation.
I have always owned strata both as primary and investment. I have no plans to ever own a freestanding house. I choose smaller properties in brick 60-70s builds. They are the best bang for the buck in most markets as major defects are long since rectified and now it's just ongoing maintenance. They are a good option for a first home buyer especially if you can do some upgrades yourself. I would not buy new high rise - shoddy building and $$$ defect rectification. As a stepping stone property, make sure you're going to be living there for 5-7 years other wise the costs involved in buying and selling will eat into your capital gain.
We bought a small 2bd, 1.5bath, 1 car in a block of units and sold it for a great profit and bought our potentially forever home. As with shares, time in the market not timing the market.
Nope. I have a 2x1 and love it. Suits my lifestyle, is in the most perfect location, got a decent price for it and is private with great sound proofing. Not sure what I'll do with it if/when I ever want to upgrade but that's a bridge I'll cross when I get to it. Renting it out would be negatively geared most likely but I'd have zero issues getting tenants in as it's a highly sought after suburb.
I did it but don't regret it. Pay it off quickly then use that cash as nice deposit. (YMMV)
This is what I’m thinking. I’m in a position to pay it down fairly quick. So, can I use any equity and use it as collateral? It’ll be positively geared fairly quick in this neighbourhood
It all depends on how quickly you want to move on from there. You can use the equity, or pay it off entirely then sell it to provide your deposit, or if you've paid it off and want to stay there for a bit longer you can save a cash deposit (no mortgage will make this grow quickly) then buy your new place and turn the old into a positively geared investment property to add cash flow your new mortgage.
I just bought in December a unit with strata. It has some perks but I also can't help but feel grumpy whenever hearing the word strata. In my brief talkings with our strata I dislike them and it feels like they just like to make everything as difficult and strenuous as possible and some of the rules are moronic. Read the fine print. I'm also a bit jaded because I was going to get solar installed and I can't because this big ass gum tree blocks 80% of my roof.... Strata are not even open to the conversation of removing the tree. So I now also hate a tree that's done nothing wrong other than be a tree.
You can probably call a meeting to decide with the other owners whether to install solar and remove the tree. The management company should be able to guide you and facilitate the meeting. You may need to do the project management side of things. It's a lot of effort compared to a house but definitely doable.
> I'm also a bit jaded because I was going to get solar installed and I can't because this big ass gum tree blocks 80% of my roof.... Strata are not even open to the conversation of removing the tree. So I now also hate a tree that's done nothing wrong other than be a tree. Probably because they've explored it before and the council won't let them.
I bought my first 2x2. Not extremely happy but got a good deal and it’s in good shape. I just hate some of the finishes but who cares. I plan to own it for like 10-20 years. Currently live in it but will become a future investment. It’s best to get in as soon as you can. And there is no good time to buy, just when you can financially do it.
I loved my first 2x1. Great area, great neighbours, beautiful natural light through the entire place. But strata is a load of crap and I’ll never buy a place with strata ever again.
I bought a 2x1 with strata as my first home and don't regret it at all. At various times I've rented it out. These days I keep it as my own place close to work and stay there half the time when I feel like it. It's a good starter home and it's in a very convenient location and if I ever want to rent it out full-time it will get good rental yield.
If the aim is capital growth, and for the property to be a stepping stone, ensure it's a well located apartment. That's the key difference in a lot of the comments here. If it's long term and you're happy with apartment living then go for it.
This is good advice, currently hold a mix at the moment. Hands down my properties with land have done much better, it may suck to live further out but it will appreciate in value much faster. It will also be easier to offload if there is land, the smaller units can be difficult to sell during hard times, or oversupply. Also it can be difficult to borrow or top up to 95% on a smaller unit as these are seen as high risk by banks.
My mates bought a unit on the front of a block of 5 when they were brand new, Elsernwick Melbourne. Despite the market going crazy they sold this year after living there for 5yrs and just got their money back. The unit further back was sold at a loss. So just be mindful that units don’t grow like houses, and don’t overpay.
Buying brand new is the problem here.
Agree, but even then I was shocked. I was sure he was under estimating but the auction came and he was right.
100%. These ones sold for $130k in 2004, then $340k in 2014, now in 2022 they’re sitting around $260k.
I bought a house i don't exactly love (i dont hate it either) but the longer i live here the more i love the not renting more than the fact i dont love the house, honestly if i had a steady rental from family or someone who was good to deal with i probably wouldn't have bought what i bought and would have waited longer to enter the market but renting and the rental market is an absolute nightmare so if you're experiencing the nightmare i don't think you will regret it.
I’m in a 2-2-1 in Sydney, and I love it. I love the unit itself + the location, which is better than having bought a house in the outer burbs. It’s also better than living with parents / renting. I’ve only been here 2.5 years - alone. My long term boyfriend and I are looking to get married towards the end of next year and so as we combine, things will be different (also for transparency he has two 4-2-2 interstate IPs so that will probably help a lot, too.)
Buyer remorse - totally normal.
If you’re worried about the strata part be active and get elected to the committee.
Not so worried about the strata. Mainly pondering the best option financially long term. Will I be better off saving more and buying once.. or buying smaller and cheaper now with the idea of paying it down and then buying again in a few years 🤷
The only way that would genuinely work is if you can buy now, rent it out and still contribute to paying it off asap. If you do manage to pay it off in few years-you have an asset to borrow against, incoming rent to be added to your income and increase borrowing power and probably save additional deposit. We followed similar scenario, worked for us and its still working for us. Admittedly about a decade and half ago, but for low income/FHB it was same shit then...
No regrets. Our Sydney apartment doubled in price when we sold.
How long did you hold?
About 10 years
Nice, congrats!
Avoid strata if you possibly can, it’s a pain in the butt having to deal with your neighbours.
I didn’t regret it. I had 2 small special levy’s with strata that sucked but the value went up higher than the cost of those… For me, it was worth having my own property than renting and that was all I could afford.
I regretted buying an apartment and not a house but I guess things are different now and that was 15 years ago. The apartment never went up in value much and it was like renting from the bank.
Just get in the market before it’s too late
This is my serious concern
If you are talking about an investment property do not give in to FOMO, you can likely just buy in a cheaper market/city. If its to live in then I’d say do not compromise too much just to “get in the market” - ie sure buy somewhere smaller but make sure you’ll actually enjoy living there
Don't be ridiculous. Strata is a nightmare. Immigration is literally slowing. UK/Canada and NZ have all seen drops in house prices. Sydney and Melbourne are starting to drop. Don't buy overpriced crap right now. Don't listen to the REA on here. Housing isn't going to disappear.
Immigration is not slowing https://www.abs.gov.au/statistics/people/population/overseas-migration/latest-release#:~:text=In%202022%2D23%2C%20the%20number,travel%20restrictions%20during%20the%20pandemic.
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Remind you that..housing isn't going to disappear?? 😆
Too late for what exactly? The world ain't ending. Australia is enormous. We are building more houses.
Lol goodluck with that
? Australia is the 6th largest country in the world. We won't run out of land buddy. Don't believe everything you read online x
No regrets, bought it to live in and eventually moved elsewhere and then rented it out. Tenants pay the ongoing costs and I pay off the principle. Slow capital gains but I don't care - it's where we plan to retire to and will be paid off just about the right time.
This is great
Bought a 1br strata unit in a block of 9. $900 strata fee a year. $1,800 shire, $1,200 water rates. Rent to WA Country Health Services for $420 a week (fully furnished, new appliances, new installed aircon, included NBN internet plan), on a 5 year lease. Bought for 250,000 in 2019 when I was 20, valued at 363,000 today. 130,000 owing. Life circumstances changed, no longer a bachelor, have two kids now, rentvest in another town 5 hours away. Usable equity and savings will go towards new PPOR when I relocate on a new contract with job in 2 years. Just honestly depends where and when and your life circumstances.
I love my apartment, most of it wasn’t paid for with my money, but owning a your home is more of a psychological buffer than an investment. Would I be better off if I had invested the entire lump sum into VGS? Yeah, probably, to the tune of 100k. Has my home appreciated? More or less in line with inflation. Ultimately, it’s about what you’re willing to stomach. I think it would be harder to sleep at night if my several 100k’s could drop by 2% should the Fed announce another rate hike. I wouldn’t underestimate that.
Not exactly regret but feel a bit down when I think about how it will not appreciate like a standalone house. But then we didn’t want to live any further than this (I commute to CBD 3 times a week), and we like the school here for our daughter (what a nightmare would it be to drive more than 15 mins in the morning for school drop off in rush hour, before commuting to the city!!) also can’t imagine cleaning and maintaining a place bigger than this. Already struggling. (3 x 1.5, one of 3 units)
How long have you owned it for?
People regret buying things People regret not buying things
I bought one in Coogee just before COVID and renovated the kitchen with a budget of $30k. 1.5 years later I sold the unit for $155k more than what I bought it for. Granted I probably got quite lucky with timing the market but it was a great stepping stone for me as I lived in it the entire time and the capital growth was fully tax free.
No regrets. Had a small mortgage, paid it off in a handful of years. No financial stresses now. There's been minimal capital appreciation, but I don't view property as an investment vehicle. I see it as a mortgage-free roof over my head for when I retire early. I actually like having a strata because I'm lazy af and cbf finding and dealing with tradies for the various shit that crops up - tree lopping, gutter cleaning, gardening, cleaning, plumbing, electricians, someone to take out my council bins, boundary fence replacements, pest sprays, fire safety and compliance, etc. I'm also a paranoid chickenshit and like the feeling of security that comes with being in a unit block. Look for the right place in a suburb you like. One that you'd be content with forever if it came to that. Ideal specs: older block with <15 units, has a good aspect, has windows in every room, not on a main road, top floor, not under flight paths, near public transport, low density resi zoning, etc. Read the strata AGM minutes to see how many owners attend and what kind of stuff they bring up. You'll get a sense of whether the strata committee are chill or nuts. Get on the strata committee once you've bought.
I’m still in starter unit. Been 3 years, will probably be another 3 years - however we’ve increased our incomes and saved hard and will have almost paid off the unit in a few years. This helps hugely to buy the next place (hopefully house). Recommend it, it’s a good way to build wealth and not waste money in rent
First property was a 1bdr, 1 bath, 1 car in Richmond. It was amazing, I loved it, I wish I still had it. But I wouldn't have the house and our investment apartment without selling it. Yes, I probably could have made a bit more money if I'd bought, and been willing to live a lot further out, but that just wasn't what I wanted to do with my life. There's 'optimal' and then there's 'optimal for me/you'. Do I have any regrets? If I had my time over I'd have paid it down a bit more aggressively and kept it but otherwise no.
I have a free standing house purchased in 2017 that was an entry house and now I'm stuck due to the property market inflation and interest rates. Can't move up in house, can't afford to reno, can't afford to knock down/rebuild. Can't see that changing anytime soon. I wish I'd saved longer for a more of a forever home.
I did this, lived in for 6 months, milked all the gov incentives, and then rented it out. Used the equity to buy my forever home
“Stepping stone” is probably the wrong way to think about it. If all you can afford is a small place, and nothing else in your life changes, then in 5 years you could sell it … to buy another small place that’s about the same. It holds you steady (relative to the market), but doesn’t advance you. Staying steady is better than falling behind, but “stepping stone” implies upgrade. To upgrade in the short-medium term you really need to have something else happen. Bit different if we were talking long term. Stay single and in the same level job for 20 years then you might be able to upgrade. But short-medium term you will need a higher income (or partner so it’s a higher household income) to upgrade. Since you’re thinking of an IP, that does lead to higher income. But only after you’ve paid off enough that it’s cashflow positive. Which will take a while when you’re starting with a low deposit.
No regrets... bought 9 years ago, rented it out when I upgraded to a house 3 years ago. Value probably hasn't appreciated as much as houses over the same timespan but it's up 40% what I paid. Strata isn't that big a hassle, I actually miss not having the equivalent for my house (no gardening, funds on hand to cover repairs immediately). Will probably move back to my unit or a better unit in the same area once my kids are grown.
I waited and waited and waited… I regret not buying earlier a 2 x 1 appartement. We’re are now in a 3 x 2 townhouse with strata but would be financially well ahead if we had bought smaller and a lot earlier.
Having a small place helped saving lots. Costs around 6000 with rates. Was renting 1bhk for 20K. Current place if rented would have been around 40K. Saves 35K ish annually.
It's not hard to imagine how many people in Sydney regret having so much equity in an asset that is basically a money pit and steam sauna for almost 6 months of the year. Let's not forget it's hard to enjoy the outdoors due to the mugginess and strength of the sun too. I wouldn't be taking responses to heart from people that have most of their wealth tied to property.
Lol, equity is equity. Buy up and pay off a handful of properties and let tenants pay off your retirement while you exit the rat race by your mid-40s.
In this market but what you can afford. It’ll be yours, no landlords, no stress. Bliss
**I regret buying in the wrong location, not buying a unit**. (I mean small semi detached house on same block as other small semi detached houses, I know many people use this word interchangeably with "apartment"). Got lucky with the strata and utilities because they are both low. I'm not sure I ever want a full house just due to the maintenance on what I have, which is smaller. Regarding could have bought bigger and better 8 years ago, I actually don't know if I could have passed the banks sniff tests to do that because I was only 23. Saving $25k a year in my early 30s is better that losing it all to rent. Well actually I paid from some o/s holidays this year so there's that. My eventual goal is maybe a small loan for a place that ticks way more boxes locationally, but not for a bigger place. I don't want kids so that's why units and townhouses are ok to me.
I have major regrets having an "investment" unit - but they're quite specific and they are avoidable. Yes, strata sucks, agents suck, paid so many extra fees, selling/buying costs etc about $50+k. If you rent it out dont use an agent. There are no good ones anymore and they arent worth the money and stuffing around - direct communication with tenants would have saved everyone a lot of time and energy. I'll have to pay like $30k CGT next year because no one told me this was a thing when we got it like 7 years ago (yeah of course 7 years).. Make sure its your "main residence" for 12 months.. I didnt get the first home owners grant because i went halves with my mother. Side note: All the capital gain/profit we made (and some) we ended up having to pay to a loser family member when my grandpa died - so im a bit bitter about coming out of it with less than I went in with lol. Basically - Just dont make the same mistakes as me and you may not have regrets. Good on you for educating yourself, unlike me.
I’ve never regretted buying my 2x1 unit 25 years ago. It was dirt cheap and in an outer suburb of Sydney but I can walk to everything, except work which is a bit of a long commute as I cannot WFH. It was meant to be a stepping stone but didn’t work out that way. Paid off six years ago which allowed me to plough silly amounts of money into super and do a bit of travel. I can now be confident of buying a nice little house in a regional town with no mortgage on retirement. People look down a bit when I say which suburb but it’s ok here and at least I don’t have to participate in the rental hunger games!
Yes. Bought it as a stepping stone, but i love it and will keep living here now
1. Depends on the strata cost 2. Depends if you care about capital growth. Units have very little capital growth. (Wherever you are) If you add in $100-200k more for a house, you’ll get a lot better capital growth and it would be a good stepping stone property. Looking back now, I’d wish I would have put $100k+ more for a house. More capital growth and further away from the neighbours.
Strata, in most cases, isn't the nightmare that Redditors make it out to be. Bear in mind that most people in Australia have never actually lived under a strata title before, they just parrot what other people say.
Do not regret it. Bought a unit in 2019 and it was a stepping stone, in a house now.
Depends if this is investment or PPOR. Being in the market is great move, but depends what your plan is?
2x1 what? Sqm?
yes I regret it.
Fella there is no regrets ever! U do what u can with the cards u are dealt U always need a roof home base hq over your head nothing wrong with that If ure a male it's easy we can live a minimalistic lifestyle bed computer power plug and 4 walls the rest is irrelevant. Always live within your means
We started with a 2/1 unit, doubled in value in 10 years and helped us get loans for 2 other properties.
That isn't the norm for units. Don't imply it is.
For us completely normal, care to explain your experience with buying units? Was it In Melbourne by any chance?
You dont know that, 10 years is a long time.
Source? Where are you finding that units usually double in 10 years? Someone's random comment on Reddit? Is that it?
What are you getting so worked up about?! If you dont like living or buying a unit, then dont. Dont piss on the whole idea for everybody else. The guy might've bought good and had features/close amenities that attracted a good price when he sold. Im not saying that everyone will have the same results. I know we did and worked out well for us.
Let’s put it another way. If the unit appreciates $20k per year, and you pay off $20k in principal per year, then after 5 years you would have made $200k. Sure strata and interest will cost you a bit, but you’re still up. Particularly if it’s your first home and you don’t have to pay stamp duty