Mira Al-Masry, a 35-year-old single mother, is renting a one-bedroom apartment with her two children, ages 9 and 14, in Mossman, on Sydney’s affluent north coast, for $600 a week.
Everything in Sydney is expensive. Even breathing is expensive, she said.
Ms. Al-Masry, who works in a bridal shop in central Sydney, said she had given up all hope of owning a home in Sydney.
“It’s impossible to buy in Sydney,” she said.
Stephanie Zizer, 35, got on the real estate ladder for the first time in four years
Even if you make a lot of money, it’s still hard. All of my friends who have bought homes in the last two years say they are not happy at all because they are paying high interest rates.
I make about $1,000 a week after tax and pay $600 for a one-bedroom apartment. Add on food, petrol and electricity – it’s just too much.
Ms. Masri, who is of Lebanese origin, has not been able to return home or travel anywhere abroad for five years now.
“I can’t put any money on the side,” she said.
Ms. Masri, who has lived in Australia for 14 years, is looking for a three-bedroom home for herself and her two children.
In her current unit, she sleeps on a sofa bed in the living room while her children share the only bedroom with two single beds.
Santos Tiwari, 35, is a businessman who runs several coffee kiosks across Sydney and has just opened a dumpling bar in a road off George Street in the CBD.
Zoe Jansen (pictured) works as a paralegal while studying law
Santos Tiwari (pictured) has opened Dumpling & Momo bar in central Sydney
He bought a five-bedroom house in Adelaide in 2015 which he rents out for $550 a week.
But he says real estate in his hometown is ridiculously expensive.
“It would be nice to buy one in Sydney but not the amount you have to pay now – it’s ridiculous,” he said.
I would probably buy somewhere else in Australia instead of Sydney.
Mr Tiwari lives in a two-bedroom house with a harbor view in Gladesville, on Sydney’s lower north coast, which costs $700 a week.
Jacob Burrows, 22, an electrician from Perth, Western Australia, hopes to buy a property within the next 12 months even though interest rates are at their highest levels since 2012.
He’s done a lot of research, including reading a book about a man who owned 30 properties by the age of 30.
“It’s somewhat difficult right now because everything is so expensive,” he said.
Mira Al-Masry (pictured), a single mother of two, gave up all hope of owning a home in Sydney because the city is ‘too expensive’
Jacob Burroughs (pictured), an electrician from Western Australia, has studied the property market and hopes to buy next year
A couple of years ago, I wanted to try to understand the market to appreciate what buying a home involved. I spent a year or so learning the housing market and will now try to look for cheaper homes instead of buying a big one until I can get a smaller deposit.
Burroughs, who is visiting his girlfriend in Sydney, said buying property in the New South Wales capital was out of the question.
“It’s ridiculous,” he said. “Buy a little place here and you could potentially get two houses in Perth.”
Mr. Burrows, who now makes $100,000 a year, started his trade as soon as he left school at 17 and is looking at places he can renovate himself.
“You don’t want to overcompensate,” he said. “I took a step back and assessed my quality of life and realized if I rented a smaller house I could have a better lifestyle, I could travel more and so on.”
He hopes to enter the real estate market without his parents’ help.
“I’d rather do it myself than have to worry about Mom and Dad,” he said.
Stephanie Zizer, 35, has lived in Sydney her whole life.
A full-time mother of two, Ms. Zizer first climbed the real estate ladder four years ago.
She and her husband, who runs a waste and recycling business, are paying for a four-bedroom house in Vaucluse very expensive.
But recent increases in interest have taken their toll.
“Massively,” she said. Obviously there have been some increases and they are affecting everyone at the moment. ”
Before she bought with her husband, Mrs. Zeiser rented in the eastern suburbs.
“It has always been expensive to live in the East, but it was manageable at the time,” she said.
Garth Johnston, 25, moved to Sydney from the London suburbs three and a half years ago.
Mr Johnston is a roofer and shares a place in Darlinghurst in the inner east of the city.
“My rent is $450 a week right now but it could go up soon with all the price increases,” he said.
Some of my “mates” are already up to $500 a week and I’ve heard of some hostels where you pay $450 for a bed in an eight-man dormitory. “
“It’s an insane price, especially for travelers trying to establish a life here.”
Mr. Garth, who is training for his rooftop plumbing license, is working towards permanent residence and plans to settle in Australia.
He is saving up to buy a place within the next five years.
Garth Johnston (pictured) plans to put down roots in Australia after moving from the UK
“The market has jumped dramatically recently,” he said.
“It’s pretty awful living here but I don’t really see myself moving that far west but there’s obviously a lot cheaper rent and more jobs too so that might have to be done.”
Zoe Jansen, 21, works as a paralegal in central Sydney while completing her law degree and living with her parents in Roseville on the North Shore.
“I have no immediate plans to start renting because everything is being paid for at home and I am saving money,” she said.
When she’s ready to buy, her dream location will be somewhere near the beach in Sydney.
“Really anywhere you can get at this point,” she said.