Single mum's shock as income figures reveal affordability gap
Jade Cole has lived in her dream home in Upwey for 10 years. In today's market, that dream would be out of reach.
The single mum of two says she wouldn't stand a chance if she were trying to enter the market today.
New figures from Canstar show the annual income needed to buy a house in Upwey in 2025 is $180,155, up from $115,147 in 2020.
'Tough' call as rents fall in 129 suburbs
'I was shocked to hear how much the income requirement has jumped,' Ms Cole said.
'You now need to earn an extra $65,000 a year just to get in. That's massive.'
Working in corporate sales and marketing, Ms Cole purchased the home and as a solo parent has raised her two children in the leafy community where she herself grew up.
'Upwey has a beautiful community, that's what brought me back.' she said.
'But if I had to buy now, I probably couldn't stay.
'I'd have to look closer to Knox for practical reasons, not lifestyle. It would be out of necessity.'
Like many households, her family has had to adapt to a steep cost-of-living climb, cutting out everything from streaming subscriptions to bottled water.
'I always say, cut the fat off,' she said.
'I went back to the drawing board, reassessed everything, from power to insurance.
'We've had to be really frugal. We cut back on sport, extra activities, the things that used to just be part of life.'
Ms Cole has considered re-entering the market to build a nest egg, but only with a 20 per cent deposit, something she admits would likely push her further out.
'The deposit is non-negotiable,' she said.
'Whether I could reach that is another story.'
The single mother plans to stay in Upwey until her youngest finishes school, then move toward the bay to be closer to the beach and her children's father.
'If I could give my younger self advice, I'd say buy near the beach,' she laughed.
But despite her success, she doesn't believe the there's enough to support women in her situation.
'Especially single mums who may not have co-parenting help, it's incredibly hard,' she said.
'I've built a life here, my home means security.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Telegraph
6 hours ago
- Daily Telegraph
The Sell: Dina Broadhurst and Max Shepherd sell Darling Point apartment pre-auction
Don't miss out on the headlines from NSW. Followed categories will be added to My News. Given the couple's propensity for their Instagrammable lives to be also regularly snapped by the paparazzi, the recent on-again/off-again listing of the Darling Point apartment co-owned by nude artist Dina Broadhurst and her ex-partner, builder Max Shepherd, kept gossip column readers riveted for months until its recent sale. The price guidance for the Etham Ave garden apartment sat at $11.5m for its abandoned December auction, and by the time of its rescheduled June auction, had dropped to $8.4m. It apparently fetched $8m in its undisclosed pre-auction negotiations this month. Dina Broadhurst and Max Shepherd have sold their Darling Point apartment pre-auction. Picture: The duplex apartment has 280sq m of indoor-outdoor living space. Picture: There has been a continuing backdrop of intricate financing of their renovation project after kicking off with a standard NAB mortgage. The duplex apartment, with 280sq m of indoor-outdoor living space, had cost $5.2m unrenovated in 2022, which was followed by a 'Cinderella transformation' by emerging interior designer, Josh Knight from Glebe. 'No expense was spared to deliver a home of high-end luxury showcasing bespoke design by Studiojos,' its marketing advised. Though the couple had split by mid-2023 after 4½ years together, NSW Land Registry documents indicate that about April 2024, the duo secured second mortgage funding from Greg Reed's Benchmark Property Finance. Dina Broadhurst and ex Max Shepherd. Picture: AAP/Flavio Brancaleone The extra $500,000 finance was obtained at 24 per cent for nine months to a total 70 per cent loan to value ratio. By last September, it sat at $1.16m with the funding agreement specifying the apartment needed to be listed for sale within five months with a 'reputable agent'. By February this year, the loan expiry date had been extended to August. It has also emerged that veteran Sydney businessman Basil Sellers had separately lent Shepherd $260,000 in 2022, with the amount owing at $358,000 last month. Shepherd moved on and stepped out with his Vanderpump Rules star girlfriend Vail Bloom, while Broadhurst remains devoted to her 365,000-strong Instagram following and her risqué self-portraits. One of her artworks has just been installed in the conference room of Ray White Touma Taylor in Redfern. APARTMENT PLAYED ITS PART Actor Belinda McClory has sold her Potts Point investment apartment through local agent Nuri Shik. Set on the fifth level of the 1920s Wintergarden complex, the 73sq m apartment fetched $1.07 million shortly after being passed in at $1.01 million. It was bought by Panayota Theodore from Panayoyo Studio. Shik last sold the apartment in 2000 for $230,000, shortly after McClory had appeared in the first Matrix film in 1999. SWAN FLIES TO KEEP RARE AIR Former Sydney Swans chairman Peter Weinert has spent $14.8 million to protect his hillside Rose Bay harbour views. He has bought the stratum air rights above the neighbouring four-storey development of Ron Shulkin's RNB Property Group, which bought the New South Head Rd cottage site for $16.7 million in 2023. Under new zoning laws, six storeys are now possible, or even eight with affordable housing. SONG CHANGES WITH A NEW ERA The three-bedroom, two-bathroom Elizabeth Bay harbourfront home of the late EMI music executive Ken East and his widow Dolly, who died last August, has fetched $5.475 million. The 1929 Spanish Mission Beverley Hall complex had traded at $680,000 in 1987. On his 2007 death, singing legend Elton John described Ken as 'one of the greatest record men I have ever met'. Got a property news tip? Email
News.com.au
9 hours ago
- News.com.au
Sting in the tail for some workers in super boost
Workers are being urged to check with their pay packets to ensure an increase to the super guarantee doesn't result in their pay being docked. As the final increase to Australia's super guarantee comes into effect, employers will be required to devote a record 12 per cent of workers' salaries into their super for the first time. For most workers on an award agreement, it's happy days, with employers forced to tip in extra super without any reduction in their take-home pay. But there's a sting in the tail for a minority of workers who are on a total remuneration package including super, because it could mean less take-home pay. In fact, for up to 40 per cent of Australians who have an individual pay arrangement with their employer that pays superannuation as part of their salary package, the 0.5 per cent could result in a reduction in take-home pay. CPA Australia's Superannuation Lead, Richard Webb said while the super guarantee was positive for a majority of workers, some would cop a pay cut from July 1. 'If your employment contract includes a total remuneration package including super, this could mean less take-home pay at the end of the month,' he said. 'However, for those on award or enterprise agreements, your pay agreement is more likely to be a salary, which means the change will not affect your take-home pay. 'It's a good idea to check with your employer to see how they view the changes and what it means for you. Otherwise, you might get a shock if your take-home pay is a little less than expected.' Nearly 30 years after the Hawke-Keating Government introduced superannuation starting at just 1 per cent, around 14 million workers are set to secure the new boost. New Treasury analysis shows that millions of Australians will be better off at retirement as a direct result as the super guarantee lifts from 11.5 to 12 per cent. 'These reforms will make a meaningful difference for millions of Australians who work hard on low and award wages, and Australians working towards a well-deserved, dignified retirement,'' Treasurer Jim Chalmers said. 'Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling, but we know people are still under pressure. 'All the progress we have made together means we are well placed and well prepared at a time of global economic uncertainty and volatility. 'Since we've come to government, we've increased the superannuation guarantee four times, and this means an extra $98,000 at retirement for a 30 year old earning the average full-time income.' For example, a worker at age 30 earning the average full-time income (around $103,000) will have an extra $21,000 at retirement as a result of this 0.5 percentage point increase alone. However, Treasurer Jim Chalmers said taking into account all of the Albanese Government's increases to the Superannuation guarantee (from 10 per cent to 12 per cent), this worker will have an extra $98,000 at retirement.
News.com.au
11 hours ago
- News.com.au
First-home buyers battle for $640k Glenroy townhouse
A Glenroy couple who brought their newborn son home to 6 Sunbeam St — and later built a backyard deck with help from Dad — have sold their first home under the hammer for $640,000. Matt and Shani Panopoulos had owned the two-bedroom townhouse for eight and a half years, having paid $580,000 in 2017 as first-home buyers. All five auction bidders on Saturday were also first-home buyer hopefuls. Why Sydney buyers are flocking to Melb Tragic side of Aus housing crisis exposed The young family were thrilled to see it go to another buyer starting their journey. 'We bought it in winter, brought our son home in winter, and now we're handing it over in winter, it feels like a full-circle moment,' Mrs Panopoulos said. Their favourite feature was a custom-built deck added with Shani's father, who had mates with spare materials. It became the family's second living area. 'We had coffee there in the mornings, summer dinners, and a little play area for our son,' she said. 'It's a space that really became the heart of our home.' During Covid lockdowns, the second bedroom doubled as a home office, and the parkland across the road became their daily retreat. 'It was perfect,' she said. 'We had nature just across the street and somewhere peaceful to clear our heads. I don't think we realised how lucky we were until we really needed it.' The couple have since upsized closer to extended family, but said they would miss the quiet, neighbourly street and the strong sense of community Glenroy offered. 'It was the perfect first home, easy to care for, beautifully designed, and in a great spot close to everything,' Mr Panopoulos said. 'We were very lucky to find it.' Ray White Glenroy agent Abdullah El Hosari handled the sale and said interest was strong from the start, with the final result soaring $90,000 above the top of the $500,000-$550,000 price guide. 'There's no body corporate, and it's been so well looked after,' Mr El Hosari said. 'You could feel the love and care the moment you walked in.' Mr El Hosari added that limited supply in the winter market had helped fuel strong demand. Ray White Victoria and Tasmania chief auctioneer Matt Condon sold the home under the hammer to a first-home buyer in front of a crowd of onlookers.
