The property market isn’t all doom and gloom, with a new report from Domain finding that first-home buyers are in a much better position to buy in Australia’s most expensive cities than they were a year ago.
The Domain First-Home Buyer Report for March 2019 analysed entry-level property prices in the most affordable areas of Australia’s capital cities, to identify how long it would take to save for a 20 per cent home deposit.
Surprise, surprise, the Sydney property market is the toughest to break into in the country, however it takes 5 months less to save for a deposit now than it did this time last year.
The report found it takes 6 years and 2 months to save for a deposit on an average $650,000 entry-level house in greater Sydney, or five years and four months on an entry-level unit.
It also found that of all the capitals, Sydney had the smallest gap between saving for a house or a unit.
Own a home faster away from Sydney CBD
If you don’t want to wait over six years to buy a home then your best bet is to move further away from Sydney’s CBD.
Figures from the report found that first-home buyers can break into the market much quicker in the Central Coast, Outer South West and Outer West.
The fastest places to save for a house deposit in the city include Wyong at four years and six months, Mount Druitt at five years, Campbelltown at 5 years and 1 month, and St Marys at 5 years and 4 months.
The full report can be viewed at – www.domain.com.au/research/domain-first-home-buyers-report-march-2019.