First home buyers

Youngsters can salary sacrifice and eat smashed avocado on toast to buy their first home

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Property hunters in Brisbane can have a fun way of investing as developer LME Capital offers a year’s worth of smashed avocado on toast with one of its suburban townhouses.

The buyers of the property would receive one serving of the dish each week at a local cafe of their choice.

This symbolises the housing affordability crisis of the country. According to Neil Sherington of LME Capital, they want to encourage the younger generation to invest on these townhouses without having to sacrifice their avocadoes.

First home buyers sacrifice salary

It can be remembered that smashed avocado has been part of the housing debate when demographer Bernard Salt wrote a column about Gen Y hipsters who complained about being locked out of the housing market while splurging on fancy brunches that their parents could have only dreamt of. According to News.com.au, it would take young Australians 22 years to save a 20% deposit on a $890,000 property in Sydney if they sacrificed a $22 serving of smashed avocado everyday.

Property buyers would have to save up a large amount for a deposit as the townhouses are priced from $595,000. The smashed avocado offer comes as the Federal Budget 2017 was announced, aiming at making it easier to save for aspiring homeowners.

The 2017 Budget allows first home buyers to salary sacrifices up to $30,000 or up to $15,000 a year into their superannuation accounts and use the money as a deposit. Those who are 65 years old and above may make non-concessional superannuation contributions of up to $300,000 from the proceeds of the sale of their home, provided they have lived in it for a minimum of 10 years.

Those are some pretty good incentives for young Australians to buy their first home in Brisbane. For more information about properties in Australia, contact a Specialist to discuss your particular circumstances.

 

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Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.

 

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