How to take the pressure off?
The obvious answer to this question: Increase your income, and reduce your expenses. Sydney is an expensive place to live. It’s a highly sort after location for Australians and Immigrants.
When it comes to expenses, I don’t want to tell you how to suck eggs, but a few questions to ask:
If you own your property, you may explore the option to sell and rent to reduce your debt. Maybe it is less expensive for you rent than it is own the property you currently live in. Do the numbers. If profits gain through the sale, you might like to invest in property elsewhere. In a location that would allow your money to work harder for you. This set up is often termed as Rentvesting (rent where you want to live and invest elsewhere).
Moving back into the family home, whether you are single, married or have a young family. Consider this option, especially if there is granny flat setup. It may sound like a nightmare and it can well turn out to be, so do the due diligence, because you could save money but lose a lot more in the process.
If you have space in your home now, take on a roommate. In essence, think outside the square. Don’t stay stuck in traditional thinking, because the market and our lifestyles have changed significantly in the last 20 years.
Through in a heap of gratitude if you can. Living in Sydney is a gift. It may not feel like it sometimes, but travel a bit and you will realise this pretty quickly. There are a lot of opportunities. Property Investing being one of them. You can complain and worry or you can let the steam fall behind as you open the door on expanding your awareness about the unlimited options you have.
And if this fails, leave.
There are alternatives. Some people are choosing to move interstate/regional. My chiropractor advised that eight of her clients are moving to SE QLD. (If may not be a place you want to live, but could be a good place to invest).