CASE STUDY
While many millennials are struggling to find their place in the world, Tayla Nicoll has forged ahead, going from strength to strength. The 23-year old from the NSW central coast was the only one in her group of friends who didn't go to uni after school but she has no regrets. She has a good job with a liquor chain and a passion for property.
“I started off working casually when I first started out, then within 12 months I moved on to be a trainee manager and now I am the manager of a large store, the biggest in our area, and I also work as a relief area manager,” says Tayla.
Her mum opened a savings account for her when she was little, contributing regularly. She encouraged Tayla to do the same. The money was used to purchase her first property at 18.
“I was lucky to get a property in Umina at a good price. When I came to selling it three years ago I made quite a large profit.” She says property prices on the central coast have “gone crazy”, pushed up by Sydney buyers.
With her partner Aaron Benson, a builder who shares her passion for renovating, they bought another two houses. “We live in one of them – it was almost unlivable – until we turned it into a beautiful home. The other was rented out as an investment property. We worked on it before we sold it 12 months ago. We're really happy with the profit we made.”
Buoyed by their success, they are looking to buy and renovate another house. Tayla is grateful for all that she learnt from her family. “My grandfather worked his way up from nothing and has a successful business now. My mother worked in the banking industry and passed on a lot of knowledge.”
Unlike many of her peers she doesn't find having a mortgage daunting. “I've juggled a mortgage – at times two – with having a full-time job but I've still had time for friends, family and travel. The property market may not be what it was when our parents started out but it's still possible to get your foot in the door.”
The money put away in the savings account helped buy the first property at 18