Is being a single property owner viable anymore?

I'm a single woman and 40 years old, so as that old chestnut goes, I'm more likely to be killed by a terrorist than get married at this point! I think it's tough to buy detached houses in desirable suburbs in most capital cities of Australia on a single income, although very high earners could probably manage it.

I have both owned and rented and I've moved around a bit. Now I want to buy again - I'm in the last few years where I can get a thirty year mortgage approved, so the pressure is on! I am currently looking and not hopeful. I am having to look at suburbs I've never stepped foot in before. I've had to let go of all prejudice and be really open minded. I'm priced out of some suburbs within weeks and will have to make some big compromises I think.

It's very very hard to watch the wealth divide between me and my coupled up friends grow so.. astronomical. I'm already sad about being single! The money side makes it worse. It's hard not to be envious of their beautiful houses in prestige suburbs, which continue to surge in value and will give them ridiculous wealth in retirement even if they didn't save a penny more on top of their mortgage. I could buy a beautiful home too if I had a partner, but it's not to be.

Outer suburbs, townhouses and units, would probably be realistic if you managed to increase your income and deposit over a few years. Agree, $300k doesn't give you many options in most of the capital cities these days.

FWIW all except one of my girlfriends who purchased on their own in the years after we graduated uni, all cashed their properties in in order to buy their family homes once married with kids.

I don't really know my point other than, yes it's harder on a single income to own property than a dual (or even 1.5) income household. Your living costs are disproportionately higher too if you live alone. I don't have dependents and yet I have to be super careful with my money, while coupled friends have a lot more discretionary spending and far nicer lifestyles.

/r/AusFinance Thread