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How a 21-year-old Sydneysider took advantage of COVID-19 stimulus

05 NOV 2020 By Robyn Tongol 5 min read Investor Strategy

21-year-old finance student, Dylan Whalen, has defied the odds by purchasing his first property in Sydney during the COVID-19 pandemic.

Dylan Whalan

Whalen, who is currently studying Applied Finance at Macquarie University, recently secured a one-bedroom flexi apartment in North West Sydney for a total of $680,000.

The purchase was made possible by Whalen's diligent savings over the past three years, as well as some financial assistance from his father. Whalen's job at a retirement village and his upcoming role at PwC also played a significant role in his ability to enter the property market at such a young age.

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Despite the uncertainty in the property market during the pandemic, Whalen's decision to make the purchase was driven by the potential for future growth and the opportunity to take advantage of the first home buyer's grant. The apartment, which is being built by Sekisui House, is expected to be completed in approximately 18 months. This timeline allows Whalen to continue saving and prepare for the financial commitments associated with homeownership.

 
 

Whalen's strategy going forward involves creating a budget to simulate mortgage payments, enabling him to save additional funds before moving into the property. He plans to stay in the apartment for several years before potentially renting it out and purchasing another investment property. Whalen also intends to build a portfolio of stocks alongside his property investments, aiming to achieve a diversified portfolio and balance his investments effectively.

The decision to enter the property market at a young age was influenced by Whalen's father, who emphasized the importance of property as a smart investment. Whalen's familiarity with the real estate market was enhanced by accompanying his parents during their own property search. This prior research and exposure allowed Whalen to confidently make decisions regarding his own purchase.

Whalen acknowledges that his purchase may be considered unconventional by some, as he will be living in the same apartment block as his parents. However, he views it as an opportunity to remain close to home while enjoying the benefits of his chosen location. The proximity to schools, supermarkets, and the Norwest Metro line further adds to the appeal of the area.

While uncertainty remains regarding the future of the property market, Whalen is optimistic that the anticipated completion of the Norwest Metro line will contribute to an increase in property values in the area. He believes that the quality of the construction by Sekisui House and the overall design of the apartment complex will hold up well over time.

Whalen's journey into property ownership at a young age serves as an inspiration to others who may be considering entering the market. His disciplined savings, financial support, and careful planning have allowed him to achieve his goals despite the challenges posed by the current economic climate. With a promising future ahead and a strategy focused on long-term investment, Whalen is well-positioned to navigate the property market and continue building his portfolio.

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