In this article featured in realestate.com.au, Michelle offers her suggestions on how to set up and make money from a successful side hustle/hobby.
Townsville’s median house price is about six times the median local income, putting its first home buyers ahead of most Aussies trying to get a foot onto the property ladder.
This figure is lower than the national average of 12 times pre-tax income and lower than the Greater Brisbane average of 11.
Corelogic data for the year to September revealed the median house price in Townsville was $330,000 while Australian Bureau of Statistics data for the 2015-16 financial year showed the median income was $52,134 a year.
In March, the Australian Prudential Regulation Authority (APRA) suggested lenders limit their loans to six times a borrower’s income.
In Townsville this would mean an average maximum loan of $312,804, suggesting a single homebuyer would first need to save an average of $17,196 for their deposit.
Alternatively, with a 20 per cent deposit, they would need to earn at least $44,000 a year to meet the APRA requirements for a home loan.
Home ownership would be more easily achieved by a couple earning two incomes.
Nationally, the median house price was $567,650 and the median income was $47,692 so a typical single homebuyer would need a $281,498 deposit or, with a 20 per cent deposit, a buyer would need to earn at least $75,686 a year.
In the year to June, this was about the average full-time salary for an industrial designer ($76,313), child welfare, youth and family services worker ($75,509), insurance broker ($76,518), pharmacy worker ($74,584) or fitter and turner ($74,547), national SEEK job ad data showed.
New ABS data revealed Aussies were increasingly taking on a second job or starting a business on the side to help supplement their income.
There were 39,500 more jobs in the Australian economy in the September quarter than in the June quarter, and almost half of these (15,900) were filled by people who had at least one other job.
Career expert and founder of Change Meridian Michelle Gibbings said the key to establishing a successful “side hustle” was to be realistic and practical.
“Assess if there is a market and whether you are going to be able to make money from your hobby,” she said.
“Work out how much time you have to devote to setting up your side hustle, and set a schedule and lock out time in your diary to devote to it.
“Set yourself some clear goals and milestones as to what you want to achieve by when.
“This also includes considering how much money you are willing to invest in getting your idea off the ground.”