24 November 2022

Young Leeton property guru outbids boomers to buy dream home in East Griffith

| Oliver Jacques
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Family at house purchase

Madison Coelli celebrates her new property purchase with mum and dad, Karen and Matthew. Photo: Supplied.

The most familiar real estate story in Australia is the one of young home buyers constantly losing out to cashed-up older investors when attempting to buy a house.

Leeton’s 26-year-old Madison Coelli was able to buck this trend, outbidding boomers to secure a much-sought-after three-bedroom postwar cottage in East Griffith for $566,000 at a tense auction in November.

“I think it was the longest six minutes of my life,” she said. “We just kept going back and forth and eventually I got it.

“I only wanted to spend around $520,000, but I had the borrowing capacity to go higher so I kept bidding.”

READ ALSO Griffith house prices surge 65 per cent in past five years

Ms Coelli’s 834-square-metre property – which she plans to live in – includes a porch, fireplace, timber floors and a manicured garden.

“I just loved the place and I knew I had to have it. I put it in my head that I couldn’t lose,” she said.

New home in East Griffith

Ms Coelli’s new home is on 834 sqm. Photo: Soul Property Agents.

Ms Coelli, who is the manager of TAFE services in Griffith, Leeton, Narrandera and Hay, is somewhat of a property guru. She has now purchased six houses, three of which she has since sold.

“I bought my first property when I was 18 … I’ve always been into real estate, I moved 13 times when I was younger. My first property purchases were all investments.”

Ms Coelli said she hadn’t had to give up smashed avocado to build up her portfolio.

“I can still pretty much do what I want. I have a social life but I’ve prioritised working over other things and been able to save … I was fortunate enough to be able to live with my parents up until I was aged 22.”

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Property prices have soared across the Riverina in recent years. Griffith house values have increased by an average of 64 per cent over the past five years, according to data from Domain’s latest quarterly house price report. Wagga house prices have risen 50 per cent since 2017.

Not surprisingly, the proportion of people in Ms Coelli’s age group who own their own house is falling. About half of all Australians aged 25 to 29 were home owners in 1971, but by 2021 that number had dropped to 36 per cent.

Young woman rips off For Sale sign

Madison Coelli claims victory. Photo: Supplied.

The TAFE manager said she had often seen young couples lose out at auctions, something that disappoints her. Her advice to those struggling to break into the property club is to start small.

“The first place I bought was in Leeton, it was affordable … I would try and invest initially, go for something with a good rental return.”

Her latest purchase was done via Nathan Thomas of Soul Property Agents, whom she described as “awesome”.

“Madi, you had to fight against determined competition but ultimately won the auction and have purchased a beautiful home on a gorgeous street,” Mr Thomas said in a Facebook post.

Ms Coelli also thanked her parents, Karen and Matthew, for their help and support. Her next mission is to buy a place in Wollongong, a high-demand location where prices are rising even faster.

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