Purchasing a home is fast becoming a receding dream for many Sydneysiders. The bleak prospect of escalating house prices is a depressing state of affairs pushing the first home deposit goal further out of reach.
There is a silver lining if you cast your search further and consider greener pastures.
An increasing number of young city professionals are thinking outside the box - by that I mean further than greater Sydney - and purchasing in regional NSW rather than being pushed to the city fringes.
Rural life doesn't mean a village in the middle of nowhere. The flourishing population in certain towns of regional NSW illustrates a diversifying, dynamic economy that will continue to gentrify as the area grows. To be honest many resemble a Sydney suburb - yes, they have cafes.
The dismal uptake of the now-scrapped NSW regional relocation home buyers grant introduced in 2011 illustrates the difficulties of creating a policy designed to relieve prices in metropolitan areas.
At the end of 2011, the median house price in Sydney was a mere $634,786. Home values have almost doubled since, with a median of $1,128,759 at the end of 2016. We are all waiting with bated breath for Sydney house prices to cool but this hasn't happened despite regulatory measures in place to help contain risks.
A social engineering scheme, like the 2011 policy, would probably be grasped with both hands by struggling first home buyers today. Realistically, under the current market conditions, housing affordability is no doubt the biggest forced incentive encouraging city tenants to purchase in the bush.
The median price of a home in Sydney could purchase at least two homes in certain parts of regional NSW. The large price differential between metropolitan and regional areas is encouraging enough.
One million dollars could purchase a rural family home and a regional coastal home with money to spare for an overseas holiday every year.
Let's put this into perspective, the median house price in Dubbo is $360,000, in Coffs Harbour $456,000 and Albury a mere snippet of Sydney's at $331,000. It is no doubt regional area home values are at a far more palatable price point.
Purse strings may become looser from a regional property purchase but there are other added benefits to rural living. Many families choose to move out of the rat race to take advantage of the more relaxed lifestyles on offer.
A close friend recently fled the city to Bowral for a "remote lifestyle".
The family adjusted from a daily two-hour round trip commute to 20 minutes that included a drop-off at daycare. A predicament we all wish we had. As prices steam ahead in Sydney, it is likely more residents will decide to embrace regional life.
