The research from Finder focused on typical salaries for various professions and assumed a 20 per cent deposit for a home.
“A single person in Brisbane needs at least 28 years to afford a house on their own,” reports realestate.com.au.
“In Queensland, the time needed to save for a 20 per cent house deposit has surged by up to six years in just 12 months — a jump exceeding any other capital city and up to three times the national average, depending on salary.”
That’s grim news for those wanting to start their journey on the property ladder. But thankfully help is at hand.
The government has expanded the First Home Guarantee scheme which supports first time buyers to secure a home with a 5 per cent deposit without paying pricey lenders mortgage insurance.
This could shave years, if not decades, off your home ownership journey.
Interestingly, the research found that some career pathways were more conducive to home ownership than others. Tradies, who benefited from paid apprenticeships, could get a jump start on their deposit saving journey compared to white collar workers.
Professions that required a university degree delayed earning capacity by several years, which in turn delayed the start of deposit savings journeys.
If you’re wanting to chart a course to home ownership, do you research, get some independent financial advice and talk to local agents to understand where you’re best to focus your search for success.
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