Data from the Australian Bureau of Statistics shows that the typical Aussie first timer is younger than other buyers – between 25 and 34 years old – but otherwise not too different.
The average household size of a first-time buyer is 3.2 people (yes, we know that you can’t have a fraction of a person – take it up with the statisticians!).
They buy homes with between three and four bedrooms, reports realestate.com.au.
Changeover buyers (those who are buying their second or subsequent home) also have a similar house and household sizes. But they’ll be a decade older on average.
When it comes to income, first home buyers are typically in the top two quintiles (top 40 per cent) of income earners.
They’ll buy homes that cost about 75 per cent as much as other buyers’ homes.
In Brisbane the largest proportion of first home buyers purchase within 15-30km of the city centre, whereas in Sydney and Melbourne first timers end up more than 30km away.
Overall, the data also shows first timers are older than they were a generation ago, reflecting the affordability challenges many face today.
Thankfully for newbie buyers, prices have softened this year and while interest rates have risen, there remains government support for first timers looking to buy.
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