It can now take a dual-income couple almost a decade to save a deposit for their first home, but many buyers have another way.
Home buying hopefuls have to save tens of thousands of dollars more for a deposit compared to only five years ago.
Brisbane buyers would have needed a deposit of about $113,000 in June 2019, but that figure now stands at $195,000. She said people want to live in expensive cities such as Sydney, Melbourne and Brisbane because that was where many jobs are located.“We fundamentally have an undersupply issue in Australia, where over the past 15 yearsNot enough homes have been built to accommodate the new arrivals since Australian borders reopened after COVID lockdowns, Mousina said.
MortgageWorks director Anthony Roddy said state and federal government assistance was helping first home buyers avoid stamp duty or purchase costs on a low deposit. But the schemes are capped, which means they do not stretch as far in Sydney as elsewhere. “Parents are kicking in $200,000 or $1 million, whatever it may be, for a deposit. But I think what we’re seeing in the last couple of years is parents are helping with the servicing of loans.”
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