Broker gives away $50,000

Participants were required to correctly identify various "mystery properties" showcased on the popular real estate website.

The fortunate recipient of the cash prize is Chloe Dresdon, a 36-year-old mother of two.

Dresdon expressed her gratitude and revealed that she plans to utilize the majority of the funds to expand her living space and give her property a well-deserved facelift. This demonstrates the true potential of such competitions, as they can truly make a positive impact on people's lives.

According to eChoice Home Loans, the majority of the competition's participants indicated that they would use the $50,000 prize for either a home deposit or renovations.

This aligns with the findings of a recent survey conducted by eChoice, which revealed that less than one out of every five Australians who were aspiring to purchase their first home had savings exceeding $50,000.

The survey also shed light on the challenges faced by first-home buyers in New South Wales (NSW), where only 22 percent claimed to have at least $50,000 available for their initial deposit. However, it is important to note that this amount would not be sufficient to cover a 10 percent deposit on a property worth $500,000 after taking into account various transaction expenses.

This competition serves as a reminder of the financial obstacles faced by potential homebuyers, particularly those aiming to enter the market for the first time.

The struggle to save enough for a deposit is a common issue, and initiatives like this giveaway can provide much-needed relief and encouragement.

The generosity displayed by eChoice Home Loans and realestate.com.au in providing a $50,000 cash prize to a lucky competition winner is commendable. This competition not only brings joy to the winner but also highlights the financial challenges faced by aspiring homeowners.