Thomas Quinn converted his mum's garage into a granny flat. Photo / Supplied
Thomas Quinn converted his mum's garage into a granny flat. Photo / Supplied
Is this really what it takes to break into the housing market in Australia?
A Sydney couple has resorted to drastic measures to achieve the housing dream, moving into a tiny garage while they save for a deposit on their first home.
And the university-educated pair, both aged 31, areforking out $800 a month for the privilege.
Marketing professional Bree Marr and her partner Thomas Quinn, a builder, moved into the 30-square-metre space almost a year ago, when they realised they had no chance of saving to buy in the inner city while renting an apartment.
"We're both degree qualified and have full time jobs, earning above the average salary - if we're struggling, then how can other people less fortunate get into the market?" Marr told news.com.au.
No room to swing a cat in this kitchen. Photo / Supplied
"The idea was that we'd be there for two years, but the reality of how fast the market is moving means it will probably be more like three. The goalposts keep moving as prices keep going up."
The couple, who say they will have to delay having children, have converted the garage at Quinn's mum's house at Camperdown, in Sydney's inner west, into a makeshift granny flat.
Once a working class enclave, the suburb has been swept up in Sydney's property boom, with a dilapidated terrace nearby selling for $1.96 million in March.
"It's quite practical," Marr said, while lamenting the fact that there was only a single door.
She has no regrets about giving up her "beautiful apartment in Coogee" for a bold move she hopes will eventually pay off.
The pair were unsure of how big a difference the Federal Government's new measures to help first home buyers would make.
"We are looking to save the full 20 per cent deposit," Marr said, meaning the scheme would only contribute a small fraction of the amount they need to save.
Tuesday's Federal Budget included new rules aimed at making it easier for Australians to save for their first property, allowing them to put extra money- up to $15,000 a year and $30,000 in total- into their superannuation funds that can be withdrawn later to pay for a home deposit.
