Brisbane first home buyers are now saving even faster for a first home deposit.
They’re now taking less time to save with closed borders government grants and a softening of entry level house prices, launching locals onto the property ladder faster than this time last year.
New data released by Domains First Home Buyer Report shows that despite the property market pushing median house prices to record highs, it now takes a couple an average of 4 years and 2 months to save a 20% house deposit. 4 months less than last year.
Brisbane was the only capital city to see their savings time reduced, with Sydneysiders having to add an extra 6 months to an already slow 7 years and 1 month per the average couple.
While Domains Report showed that it takes first home buyers just one year to save for a 5% deposit using the First Home Loan Deposit Scheme, Domain Senior Research Analyst, Dr Nicola Powell, warned that the road to property ownership was still a tough one for anyone starting from day dot with no savings at all.
“It’s still a long journey time to save, and for any single person, that time is double. So I think there are 2 sides to affordability and what we have seen in some home loan repayments have improved thanks to falling interest rates, but the hurdle is saving for the deposit.”
Ask anyone in property and saving for the first deposit is always the hardest, but as an investor, the great news is, you only need that one deposit for the first investment, with subsequent deposits coming from the property’s equity. This is a sure-fire way to not only grow your portfolio for your specific goals, but future proof your financial future for you and your loved ones.