First home buyers now need less time to save a deposit
Over the past year, it’s become significantly easier for first home buyers to save a 20% house deposit, according to new research from Domain.
In February 2022, first home buyers needed an average of 5 years 5 months to save a 20% house deposit. By February 2023, that had fallen to 4 years 11 months.
It’s also become easier for first home buyers to save a 20% unit deposit, with the average time falling from 3 years 9 months to 3 years 7 months.
Domain calculated the average income and purchase price of first home buyers by assuming they were a couple aged between 25-34 years and were purchasing an entry-level property.
The reason first home buyers now need less time to save a deposit is because property prices have fallen over the past year, which means the deposit requirement has also fallen.
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