The Domain First Home Buyer Report from March shows that Brissie first home buyers take, on average, 4 years to save a 20 per cent deposit.
That’s dropped dramatically from the 5 years and 2 months it would have taken based on prices back in April 2022 before interest rates started rising and house prices started softening.
Looking back pre-pandemic it would have taken 4 years and 4 months; and five years ago it would have taken 4 years and 2 months.
That’s a lot of figures. The main thing to take from it all is that if you want to save a home deposit just make a start. A lot can change in four or five years and what might seem like an unattainable goal can slowly but surely become a reality.
But if you’re finding the hurdle too high, get some financial advice and consider your options.
- Government grants and guarantee schemes can help buyers with purchasing costs or reduce lending costs if you want to borrow less than 20 per cent.
- Being flexible on your buying criteria to consider different locations or property types can open up more affordable options.
- Rent-vesting continues to be a strategy preferred by those who want to have their cake and eat it too by renting in their dream location while investing in an area they can afford to buy.
Thinking of taking your first step on the property ladder? Contact us for a chat and view our current listings for sale.
