First Home Buyers Need A Decade For Deposit
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First Home Buyers Need A Decade For Deposit

With housing prices on the rise, so too are the deposit demands.

By Terry Christodoulou
Thu, Apr 8, 2021Grey Clock < 1 min

Just over one in 10 (11%) of first home buyers now need to save for more than 10 years before breaking into the housing market.

A poll of 1028 first home buyers by comparison website Finder.com indicated that would-be buyers are taking longer to reach the 20% deposit threshold as the average deposit reaches six figures amid booming property prices.

One in four need between five and 10 years, nearly two in five (38%) need between two and five years, while only 7% manager to save the deposit within a year.

According to Finder, the required deposit for an average loan had risen by 16 per cent nationally in just two years, reversing any deposit affordability gains and taking the national average deposit price to $106,743.

First home buyers in NSW require $128,469 and $113,092 in Victoria. The average deposit in Tasmania has climbed to $81,438, to $85,710 in South Australia, to $95,784 in Queensland and to $92,784 in Western Australia.

“While low interest rates mean the cost of paying your mortgage each month has come down, rising property prices are lengthening the amount of time required to save for a deposit,” Finder spokeswoman Sarah Meggison said.

Further, more than half of first home buyers (53%) indicated they are spending more than 30 per cent of their income on their mortgage repayments, a sign of mortgage stress.

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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174