But why settle for average when you can turbo charge your path to home ownership.
There are two ways to do this: spend less and save more.
First up, let’s look at the price tag.
Domain’s research is based on entry-level house prices in affordable areas. For Brisbane they picked a price tag of $425,000.
If your first purchase is a unit or townhouse you can get in the market for well under this figure in some great Brissie burbs.
Got your heart set on a house? Last week we published an article on where you can still crack the property ladder with just $400,000 and a bit of elbow grease.
What about saving? Domain estimated the time required to save a 20 per cent deposit, drawing on average wage data from the Australian Bureau of Statistics. They’ve assumed you’re buying as a couple and saving one-fifth of your post-tax income. Sure, it’s harder buying solo, but savvy singles do it, so get smart with your savings.
Take advantage of the first home super saver scheme which allows you to make up to $30,000 of voluntary contributions to super for your first home deposit. This could be a tax friendly way for you to boost your home deposit.
Also, make sure your dollars are working hard for you in the bank. Look into a term deposit or high interest savings account. And use the ‘top up’ apps which turn your spending into saving by automatically transferring a set amount to savings every time you spend.
Think you’re on the path to home ownership? View our current listings for sale.
Not there yet? Check our listings for rent.