Good afternoon everyone,

I hope everyone is enjoying their weekend.

I am planning on buying an apartment in 5 years once my income finally reaches a position it can service a mortgage. In the meantime I'm doing research (like making this post), padding my house deposit and emergency fund and doing all my 'must do before I die' travel bucket list items before I have no more money for big ticket travel items once I join the mortgage club like everyone else here.

Since I will be doing this on my own (lucky DINK's) realistically my options are limited therefore I'm planning on buying those cheaper double brick or slightly newer apartments in so called 'undesirable areas' because they are going to be cheaper and I really don't want to be under constant mortgage stress especially if rates keep rising. Having grown up in the Punchbowl/Bankstown/Cantebury area of Sydney I'm not picky at all, there is no way in hell I can afford a desirable inner city apartment. As long as its structurally stable, has 2 bedrooms and close/closer to a train station I'm happy.

However since this will be the biggest financial purchase of my life I still want to do a sanity check and see what you guys thought. From both a financial and lifestyle point of view is it worth it ?

Thank you for your time and have a nice day.

Edit:

Extra information:

Current deposit: $115k but can save an extra 100k in 5 years based on rough napkin math (living at home as its perks, yes I feel like a loser).

Current salary: $77,376 but will rise to $98,014.80 in 5 years and that's not including penalty rates which will bring it JUST over 6 figures.

What I plan to spend: Whatever I can realistically afford.