Prospective buyers are being stumped by a supercharged property market, which is not showing any signs of slowing down just yet.
Recent Australian Bureau of Statistics data has revealed the national average deposit needed to secure a mortgage is now $106,743 – an increase of 16 per cent since January, 2019. This is calculated off the average first home buyer loan amount.
Research from comparison website Finder reports that it takes the majority of first home buyers between two and five years to save a 20 per cent deposit. And around half of first home buyers are spending more than 30 per cent of their income in order to meet mortgage repayments.
First-time buyers’ new loan commitments made up 35.1 per cent of February’s loans, and while first home buyer loan commitments fell 3.3 per cent in February, they remain near 12-year highs, up 65.8 per cent year on year.
Here’s the average costs to expect in your city:
| Average first home buyer loan | Average first home buyer deposit | Increase since 2019 | |
| ACT | $471,161 | $117,790 | 24% |
| NSW | $513,876 | $128,469 | 23% |
| NT | $400,000 | $100,000 | 20% |
| TAS | $325,751 | $81,438 | 17% |
| VIC | $452,369 | $113,092 | 16% |
| WA | $371,048 | $92,762 | 14% |
| QLD | $383,136 | $95,784 | 13% |
| SA | $342,840 | $85,710 | 8% |
| Australia | $426,971 | $106,743 | 16% |
^Source: Finder, ABS loans data. Analysis assumes a 20 per cent deposit.
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