Original article published 20.04.2025, Brooke Rolfe, news.com.au
Seven years ago when Cara and Mitchell bought their first home, the Aussie dream looked pretty different compared to today.
Property prices have exploded, interest rates are peaking and the cost of living is astronomical. In 2025, it’s a luxury to not enter Woolies or Coles with a strict, itemised budget.
When the couple, now in their early 30s, bought their home in 2018 in Victoria’s Dandenong Ranges, it was “a foot in the door” but in hindsight they said, it “wasn’t the best financial move”.
While they’re grateful to have both that home and an investment property under their belt, as well as a third in the works, Cara told news.com.au they would do things differently if they had their time again.
“I’d look at investing first. If our first property was an investment property that was in a really good performing market, within two years we could have then got a second property,” the HR professional said.
“Instead we waited five years. Now, we’re living in this house, but it’s not really somewhere I want to live. I want to move to the beach.”
They have planned to move out of their home in the near future so they can rent it out and eventually get a rental of their own closer to the coast.
“Life’s for living, if you really want to live near the beach and you buy your first house there, it’s going to sacrifice your lifestyle,” Cara said.
“I’d rather have something in an area where it’s easier to hold and where you’re going to get growth but it doesn’t affect your lifestyle too much as well.”
A few years after buying their first home, the couple engaged OpenCorp because they wanted to expand their portfolio. They were able to buy an investment property in Queensland with the equity in their original home and they’re on track to start building a second in Melbourne soon with the help of OpenCorp. Their goal was to be in a position that when they had kids, they would be able to help set them up with a house of their own.
“Them trying to purchase a property scares me. Looking long term, I want to be able to help them when the time comes,” Cara said.
She, like many Australians, had concerns for the future of the property market in the wake of first homebuyer schemes proposed by both Labor and Liberal parties.
OpenCorp Executive Director Michael Beresford has condemned both schemes, arguing they did nothing to practically support young Aussies trying to get ahead financially.
