First home buyers are looking to enter the property market as soon as possible, so which suburbs will have you saving for a deposit for faster?
With many to be buyers finding themselves in far-flung suburbs barely within reach of the CBD, research has found.
New data from Domain’s First Home Buyers Report has laid bare the reality of housing affordability across the nation, revealing the suburbs where it takes a first home buyers the quickest time to save for a 20% deposit on entry level homes which is pushing first home buyers further and further out in the suburbs.
In Sydney, first home buyers are travelling to central coast suburbs that are closer to Newcastle than they are in the harbour city, data found.
The trend is similar in other capital cities, where the rising prices have pushed affordable property farther from the cities than ever before.
University of Sydney Lecturer in Urbanism in the School of Architecture Design & Planning, Laurence.”Troy, said that first home buyers were “geographically locked out of capital city housing markets.”
“It’s almost impossible [to buy a house] , to the extent that people are actually buying what is outside of the capital city and community in” Troy has said.
Here’s an overview of each capital city.
Sydney
Melbourne
Brisbane
Perth
