“I’d find places within my budget and go and look at them and a couple of days later they would sell for $100,000 to $150,000 more,” she said.
“It was very stressful and very competitive. Every open house we went to had a queue out the door and around the corner. It was definitely an overwhelming time.”
Ms Mannion became a homeowner 11 years after she started saving. Picture: SuppliedSource:Supplied
But she ended up finding a two bedroom, two bathroom unit in Caringbah in Sydney’s south, which she purchased for $665,000 – finally realising her dream 11 years after she started saving for it.
“It feels great. I feel very accomplished and very proud I was able to do it but also very thankful I was able to have the support of my parents to be able to do it as well,” she said.
”Some of my friends are actually homeowners themselves, but the overwhelming response is at the age of 25 it’s quite a feat to be a homeowner in the Sydney market.”
She is unlikely to stop there either, with plans to either buy a property interstate as an investment in the future or upsize once she was outgrown her apartment.
Affordability issues warning
David Hyman, CEO of online loan platform Lendi Group, said anecdotally there were many stories where the bank of mum and dad had helped support the home ownership journey for first home buyers, such as matching savings for a deposit or interest free personal loans.
Lendi CEO David Hyman has warned there are risks with the bank of mum and dad. Picture: Lendi via NCA NewsWireSource:NCA NewsWire
But he warned that while the bank of mum and dad may help individuals get onto the property market earlier, at scale it could create more inequality and greater affordability issues over the longer term.
“Some parents are in the position to help their kids get into the property market because they themselves have done well or accumulated equity but borrowing money from your parents does not come without risks for both parties,” he said.
“Although parents want to give their kids a leg up to get into the market, perversely, the bank of mum and dad could also be inadvertently influencing the inflation of property values, and therefore making housing less affordable by pulling forward a cohort of first home buyers into the market sooner.”
He added there are other forms of support available, such as government initiatives like the First Home Loan Deposit Scheme, with another 10,000 places released on July 1.