The time it takes for a couple to save a 20 per cent deposit to buy an entry-level house has blown out by an extra 11 months during 2021 – nearly three times longer than the additional time recorded in the previous year – but the slowing market could offer a reprieve for first-home buyers in the year ahead.across the combined capitals as prices have surged to record highs, the Domain’s annual First Home Buyer report finds.Sydney’s 33.
“In a climate where incremental wage growth and rising mortgage repayments and rental prices are paired with escalating property prices, the prospect of saving the lump sum deposit is becoming more challenging,” said Nicola Powell, Domain’s chief of research and economics. “I was studying full time to become a social worker when I first started working two jobs to save the deposit because I really wanted a place of my own,” she said.
Across the combined capitals, first home buyers would shave two years and two months if they opted for a unit rather than a house. Buyers would cut two years and seven months in Sydney, two years and two months in Melbourne and three years and four months in Canberra.Aspiring homeowners buying a unit in other capitals will slash between one year and one month to a year and eight months.later this year could help shorten the time needed to save a deposit as prices fall, Dr Powell said.
🙃
Hey can I use my kidney as collateral rather then my super…
How's your super going, hypocrite?!!
If you’ve got property already- it’s never been cheaper to buy more; if you don’t have one- it’s never been worse. (Since 1990 anyway…)
Buy what you can afford. Buy early. Thats what should be the message from gov. As long as you escape the rental trap your going to be ok. Way better off owning a 1 bed flat in Ashfield then renting a 3 bedroom home in C'town. It is 100% mentality issue not one of affordability.
And in 27 years you'll need 4 times as much. It's a race you can't win.
And stop saying super has to suffer. It has nothing to do with super.
And it’s all happened under an LNP government.
A seriously light-weight article. Who knew that if house prices went up, it would take longer to save a deposit ... Where is the analysis of the underlying factors for the rise in prices? Investors vs private buyers? Negative gearing? CGT discounts? Property developers? Rorts etc
A simple solution: Eliminate stamp duty on all residential home purchases less than $1.5 Million in value. It must be residential & your primary address. Not an investment property. The money not going to stamp duty can be used as a deposit. Worried about flipping houses? …
Takes 27 yrs to become a bankster slave what a miserable life
It really shouldn't be like this, so unbalanced and unfair. It's structured so that young Australians will never own a home, unless it's inherited from their parents. This government and it's politicians should hang their heads in shame.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: smh - 🏆 6. / 80 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: smh - 🏆 6. / 80 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: 7NewsSydney - 🏆 16. / 63 Read more »
Young woman attacked and left to die on Western Australian road-tripSeasoned traveller Jordy Honner never imaged a road trip home from Carnarvon would leave her fighting for her life.
Source: 9NewsSyd - 🏆 23. / 51 Read more »