How Meg bought her first apartment by the beach for less than $500k

In our Buyer Diary series, you’ll meet recent first-home buyers, next-home buyers and investors from around the country and discover how they made their property purchase.

When Meg Fisher moved back from New York to her hometown of Sydney in 2023, she knew it was time to put down roots and buy a place of her own.

However, the 27-year-old bypassed Sydney’s property market altogether and set her sights on North Wollongong, where, 18 months ago, she bought a one-bedroom apartment below her budget.

What made you decide to buy in Wollongong?

I knew I wanted a certain lifestyle, and I couldn’t achieve it in Sydney, nor did it feel right.

I was really interested in starting a new chapter in a new place that was still close to home.

I got to know Wollongong a bit better, just through visits, and I really loved the lifestyle. It reminded me a lot of Cronulla 10 or 15 years ago, and it is completely walkable. My parents live in the southern suburbs of Sydney, so it’s only a 45-minute drive from them.

How did you find the buying process?

I honestly had no experience at all. I remember going to a place and really liking it, and I just thought, ‘What am I meant to do now – put in an offer? What is the next process?’

I went directly to my bank to get a pre-approval, so I didn’t work with a mortgage broker, which, in hindsight, I probably would do differently next time because it meant that a lot of the [document] co-ordination fell on me, and I had no idea what I was doing.

It was a great learning experience, but having someone to speak to about the process would have been really helpful.

How long were you searching for a property?

About four months, so it wasn’t too bad. It really interrupts your life when you’re looking for a place. You must be ready to jump at a moment’s notice. You need to be able to go to a viewing at 2pm on a Thursday, run in and make an assessment in 10 minutes about whether it’s going to be right for you.

With the apartment I bought, it came to market on the Thursday; I viewed it on the Friday, I viewed it again on the Saturday, and then I made the offer on Sunday. It was accepted on Monday. So, it was a really quick process.

What was your budget?

My budget was only $500,000, and I used a first-home buyer’s assistance scheme, which meant I didn’t pay any stamp duty.

I had spent the past few years saving, so I was able to buy the flat for $440,000 with a 10 per cent deposit, so it was quite accessible.

I thought about purchasing with a 5 per cent deposit to save money for renovations, but I wanted to avoid LMI [Lenders Mortgage Insurance], so I put in the full 10 per cent.

What drew you to this particular property?

When this one popped up, I knew it was the one. It’s across the road from the beach, and so is absolutely in the perfect location. It’s close to the station, too, so I can commute to Sydney for work once a week.

I was also looking for a doer-upper, and it was a 1960s flat that still had its original pink-and-blue bathroom and the smallest kitchen you have ever seen in your life.

Before I moved in, I stripped out the carpets, repainted and put in wood floors. My fiance and I installed a new IKEA kitchen together, which was a great relationship test, but it turned out very well.

Was it a good decision to buy in Wollongong?

It’s been a really great move. I am so happy here. Just to be by the water is amazing – I’ve never lived so close to the beach, and I go every day. It feels very much like I’m on holiday most days.