Windermere Economist Jeff Tucker looks at inventory levels and writes that, while sellers are willing to list, they won’t bend on price.
Compass agent Gail Bomze was arrested after allegedly biting a 7-year-old child during a free T-shirt toss at East Hamptons’ Tuesdays on Main beach concert series. Bomze denies the allegations and says she was pushed to the ground by teenagers during the event.
Artwork. Bidder at auction in Sydney. NSW real estate.
Home buyers are taking four times longer to scrape together deposits than their parents, with an alarming study revealing the upfront costs of a home have blown out following recent interest rate cuts.
The MCG Quantity Surveyors data revealed buying the average Sydney house now required savings of over $380,000 for a 20 per cent deposit and stamp duty, with thousands more needed on top for other costs.
An average Sydney unit required about $205,000 in upfront savings for the stamp duty and a same size deposit, but these costs could be substantially higher in certain suburbs.
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These charges have followed a 41 per cent rise in the price of Sydney homes since 2020 – part of which has been fuelled by greater buyer spending following three interest rate cuts this year.
Assumes all income is saved. Source: MCG.
MCG reported that the cash burden of buying has outstripped people’s ability to save, leading to a lengthy wait for new buyers to have enough funds to scale the property ladder.
The time needed for an average earner to save a deposit at current Sydney prices, even if allocating all their income into savings, averaged 121 weeks, up four times on the 29 weeks needed in 1975.
It also currently takes three times longer to save a deposit than in 1985 and twice as long as in 1995 – accounting for typical prices and incomes back then.
INTERACTIVE: HOW MUCH IN SAVINGS YOU’D NEED IN EACH SUBURB
Current wait times even dwarfed levels reported in 2015, a point at which affordability had already reached crisis levels, when 99 weeks of saving a full income was required.
First-home buyers Kiana Solakovski (25) and Kristian Radosavljevic (26) recently bought an apartment in Carlton after a long search. Picture: Richard Dobson
MCG’s report noted this was before “mortgage serviceability even enters the picture”.
MCG Quantity Surveyors director Mike Mortlock said 20 per cent deposits had ceased to be realistic for most buyers years ago but even 5 per cent was becoming a stretch for some purchasers.
“(Five per cent and stamp duty) can still be a lot of money and take an average earner years to save,” Mr Mortlock said. “It’s been made even harder by the high cost of living. Most people are spending their salaries to cover their living expenses. To start really building up their savings, they would need a big pay rise.”
Excessive deposit requirements, combined with high property taxes, had exceeded most people’s ability to save, Mr Mortlock added.
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“Rising deposit requirements really show just how stark the difference has become in incomes and asset prices,” he said.
“Prices are just going up so much faster than wages. And until we build more housing, we’re going to be talking about the same thing in a few years, only the problem will be even worse.”
Government’s response to the growing deposit hurdle has been to increase the number of buyers eligible for the federal Home Guarantee scheme. It allows buyers to use 5 per cent deposits without paying the pricey lender’s insurance normally charged on transactions with low deposits.
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A home buyer in Dee Why would need close to $200,000 in upfront savings for stamp duty and a 10 per cent deposit, even if getting state first-home buyer support.
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The price cap for eligibility in Sydney is $900,000, which is set to rise to $1.5 million in 2026 – just below the city median price of a house ($1.56m).
Mortgage Choice broker James Algar said the scheme has been popular but has drawbacks. “It is complex and many people struggle to understand the requirements,” he said.
“There is also the risk of getting in a much higher amount of debt, which will mean a more expensive loan.
“Using the scheme also means you cannot at some point rent the home out. If you do, the loan will no longer qualify and you will have to pay insurance.
“That can be limiting for first-home buyers, who often need to rent their homes out for periods to afford them, or if they have a change in their (income).”
Source: MCG Quantity Surveyors.
Owl Home Loans director Aidan Hartley said it was rare for first-home buyers to have savings above $150,000, which would be necessary to get at least a 10 per cent deposit in most of the market.
Many first-time buyers were instead using deposits of 5 per cent or less, he said. “It’s easy to dismiss it as ‘it’s only 5 per cent’ but that can be $40,000 in some cases. Not many people have that.”
Kiana Solakovski recently bought a unit in Carlton in Sydney’s south with a 10 per cent deposit and said waiting to get 20 per cent would have meant getting priced out the market.
“By the time you save for a 20 per cent deposit at 2025 prices, years will have gone by and it will no longer be enough,” she said.
Source: MCG Quantity Surveyors.
Mr Algar said even first-home buyers using smaller deposits leaned heavily on parents for help. “The bank of mum and dad is huge. It’s the only way a significant amount of buyers get in,” he said.
“We also see a lot of couples in their 30s move back in with parents to save. They cannot save a deposit if they are still paying rent.”
The post Sydney property: upfront costs blow out appeared first on realestate.com.au.
Hopeful Aussie first-home buyers are slamming into a barrier that their Baby Boomer and Gen X parents never encountered following an explosion in the upfront costs needed to secure a property.
Alarming new analysis has revealed the sum of cash a typical buyer needed for stamp duty and a 20 per cent deposit – the amount still favoured by banks – is blowing up past record levels.
It’s translated to buyers needing well above $150,000 in savings to simply get a foot on the property ladder in most areas – a tough ask in the current climate of soaring living costs.
These excessive requirements have meant those wanting to crack the market are spending far longer than their parents did to save up enough money, according to the MCG Quantity Surveyors study.
Current buyers on average incomes were taking four times longer than those in the 1970s to save enough for a deposit on a typical house in most of the country, the data showed.
Fast forward to the 1990s and buyers back then took half as long as current buyers in many areas to save enough for a 20 per cent deposit, taking into account wages and prices at the time.
MORE: Harsh truth for first-home buyers exposed
Current buyers on average incomes were taking four times longer than those in the 1970s to save enough for a deposit on a typical house in most of the country. Picture: Sam Ruttyn
MCG noted differences in wait times for a deposit could be even higher than this as the data only examined the gap between incomes and prices and did not factor in the cost of living in each era.
INTERACTIVE: HOW MUCH IN SAVINGS YOU’D NEED IN EACH SUBURB
MCG director Mike Mortlock some aspiring first-home buyers may be struggling to simply save any of their money, let alone an amount large enough to stump up stamp duty and a deposit.
“It’s been made even harder by the high cost of living,” he said.
“Most people are spending their salaries to cover their living expenses. To start really building up their savings, they would need a big pay rise.”
MCG revealed difference in incomes and prices across cities meant there was a large disparity in the amount of time it took buyers to save a deposit and just how much money they needed as a proportion of their wages:
NEW SOUTH WALES
Deposit needed across NSW in each decade
The MCG Quantity Surveyors data revealed buying the average Sydney house now required savings of over $380,000 for a 20 per cent deposit and stamp duty.
Thousands more needed on top of this for other costs like conveyancer fees, insurance, registration fees and due diligence checks like building and pest inspections.
An average Sydney unit required about $205,000 in upfront savings for the stamp duty and a same size deposit, but these costs could be substantially higher in certain suburbs.
Mr Mortlock said 20 per cent deposits had ceased by realistic in Sydney years ago, but even 5 per cent deposits were a big ask for most buyers because of current prices and wages.
Even five per cent home deposits are a big ask for many Aussies. Photo Jeremy Piper
QUEENSLAND
Deposit needed across Qld over 1975-2025
Queenslanders now take four times longer to save a home deposit than Baby Boomers did.
Data showed a Brisbane household on a typical wage would need to save their entire earnings for 104 weeks in 2025 to get a 20 per cent on a median-priced home. This up from just 28 weeks in 1975.
With a current median of $940,000, a typical Brisbane house would require $188,000 for a 20 per cent deposit.
This compared to a median of $23,700 50 years ago, which would have required $4,740 for a 20 per cent deposit.
The deposit burden has risen almost 40 times, but average wages have grown only from $170 a week to $1,800 – a tenfold increase.
Mr Mortlock said Brisbane had recorded “one of the sharpest long-run deteriorations” in affordability among the capitals”.
Further MCG research using PropTrack figures showed home buyers in some parts of Brisbane and the Gold and Sunshine Coasts are forking out more than $100,000 in stamp duty alone.
VICTORIA
How upfront costs across Victoria suburbs compare
Melbourne first-home buyers are getting their foot on the property ladder with less than $30,000 saved up — less than you’d need to buy a cheap new car.
But the 20 per cent deposit preferred by most banks is now $172,000 for the city’s typical home, enough to wipe out years of a typical family’s income.
Melton is the city’s best bet for affordability-sensitive buyers, with the possibility that a $485,000 typical home could be purchased for as little as $29,000 including a deposit and transaction fees, if you are eligible for certain government schemes.
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It’s not easy to get home ready in Victoria either.
But for the typical $860,000 house that a growing number of Melbourne families would trade up to as a second home, MCG Quantity Surveyors director Mike Mortlock said they faced a “real hurdle” in the form of $172,000 for a 20 per cent deposit.
Mortgage brokers in the city’s most affordable pocket have revealed those willing to go west, and who are able to use the federal government’s First Home Guarantee, can get houses with lower deposits.
SOUTH AUSTRALIA
Even with $30,000 in savings, South Australians have enough to cover the 20 per cent deposit and all of the upfront costs on a house in 26 suburbs.
The cheapest is Elizabeth North, where you need just $21,880 in total upfront costs to buy a $510,000 house.
Grow those savings to $50,000, potentially through a dual income partnership – and you unlock an additional 202 Adelaide suburbs in which you can buy a home.
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The post ‘Blown up’: brutal truth of buying a new home appeared first on realestate.com.au.
With a price guide at just $390,000-$429,000, the three-bedroom house at 3 Kinloch Rd, Melton, could be yours for less upfront than the cost of a new car.
Melbourne first-home buyers are getting their foot on the property ladder with less than $30,000 saved up — less than you’d need to buy a cheap new car.
But it comes as new analysis shows the 20 per cent deposit preferred by most banks is now $172,000 for the city’s typical home, enough to wipe out years of a typical family’s income.
Melton is the city’s best bet for affordability-sensitive buyers, with the possibility that a $485,000 typical home could be purchased for as little as $29,000 including a deposit and transaction fees, if you are eligible for certain government schemes.
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But for the typical $860,000 house that a growing number of Melbourne families would trade up to as a second home, MCG Quantity Surveyors director Mike Mortlock said they faced a “real hurdle” in the form of a whopping $172,000 for a 20 per cent deposit.
Mr Mortlock noted that was almost two years (97.8 weeks) of the $1759 average household’s wage, according to latest Australian Bureau of Statistics data.
It’s also a whopping three times the 32 weeks’ wages needed in 1975, and up from 74 weeks just 10 years ago, highlighting the Victorian capital’s worsening affordability crisis even as certain pockets remain affordable.
Upfront Costs In Melbourne’s Most Affordable Areas
Melton: $485,000 (median) — $57,230 upfront costs
Melton South: $525,000 (median) — $61,950 upfront costs
Kurunjang: $543,500 (median) — $64,130 upfront costs
Dallas: $555,000 (median) — $65,490 upfront costs
Coolaroo: $560,000 (median) $66,080 upfront costs
83 Glenelg St, Coolaroo, is listed for sale at $485,000-$530,000.
3 Risson St, Melton South, is expected to sell for $529,000-$569,000.
Melton West: $560,000 (median) — $66,080 upfront costs
Brookfield: $561,800 (median) — $66,290 upfront costs
Harkness: $575,000 (median) — $67,850 upfront costs
Longwarry: $577,500 (median) — $68,145 upfront costs
Thornhill Park: $580,000 (median) — $68,440 upfront costs
Data tracks median house price, as well as upfront costs required to buy with a 10 per cent deposit as a first-home buyer (with stamp duty discount) requiring lenders mortgage insurance
Source: MCG Quantity Surveyors Home Deposit Multiples report
“Even putting together a 5 per cent deposit in some areas is getting difficult,” Mr Mortlock said.
“It can still be a lot of money, and take an average earner years to save. And it’s been made even harder by the high cost of living. Most people are spending their salaries to cover their living expenses. To start really building up their savings, they would need a big pay rise.”
But mortgage brokers in the city’s most affordable pocket have revealed those willing to go west, and who are able to use the federal government’s First Home Guarantee, can get a $485,000 house in Melton for as little as $29,000 upfront.
37 Berger St, Dallas, has a $528,000-$580,800 asking price.
With a $449,000-$489,000 budget, a four-bedroom house at 113 Gisborne-Melton Rd, Kurunjang, could be yours.
Even without the government’s help, the suburb’s buy in price for a first-home buyer looking at its $485,000 median-priced house is still only about $57,000, according to analysis from MCG.
That covers a $48,500 deposit (10 per cent) and $8730 in lenders mortgage insurance. It does not include the about $800-$2200 that a conveyancer typically costs in Victoria, according to Consumer Affairs.
Melton South was the next most affordable at $61,950, or about $31,000 if the buyer can get one of the 35,000 First Home Guarantee places available nationwide until June 30 next year.
It was followed by Kurunjang at $64,130, or about $32,000 under the government scheme.
Real Estate Institute of Victoria interim chief executive Jacob Caine said the data showed there were still affordable ways for first-home buyers to get a foothold in Melbourne’s property market.
In Thornhill Park a house like 8 Bingham Circuit should cost $529,000-$569,000 — but far less upfront.
MCG Quantity Surveyors’ Mike Mortlock said without help, the upfront costs of buying a home can be a “real hurdle” — and some government programs might make it worse.
“But while these opportunities aren’t as widespread as they once were, for those diligent and dedicated buyers they can still be found,” Mr Caine said.
“But the window of opportunity to secure your first home at a genuinely affordable price point is starting to close. As interest rates begin to have an effect investors from other stares are starting to focus on Melbourne, and more broadly Victoria. Prices at these points and competition levels will start to creep up, then could rapidly increase.”
Melton based mortgage broker John Timms said he was helping buyers with purchases that cost them less than $40,000 and even $30,000 upfront.
On average, Mr Timms said first-home buyers he worked with had about $50,000 saved up, with most being young singles and couples under 30 — though a few have been as old as 50.
“Most of them are buying within a month of getting pre-approval,” he added.
“Melton has a lot of homes in the reach of that first-home buyer market. And they are all fairly similar, whereas in other areas you don’t have 50 houses that all suit your needs.”
14 Vista Drive, Melton, has a $600,000-$650,000 asking price that is far above the local area’s typical offerings – but also well below the wider Melbourne median.
REIV interim chief executive Jacob Caine said the window for getting an affordable Melbourne house was closing.
Ray White Melton director Joe Mavrikos said there had been a steady stream of tenants exiting inner Melbourne suburbs to move to Melton, finding that the repayments of a home there are similar to what it costs to pay rent — or because they are sick of having to move.
“I talk to a lot of the first-home buyers about why they are coming out here, and it’s the value for money,” Mr Mavrikos said.
“In Melton, the dream is still alive for them. They can come here and still have change in their pocket.”
Mr Mortlock warned while government schemes could cut upfront costs, they did come at a price.
After paying a 5 per cent deposit for the typical Melton home, monthly mortgage repayments would be $2668 for the next 30 years, based on today’s 5.68 per cent average variable rate. Bought with a 20 per cent deposit, that figure is just $2257.
19 Eacott St, Longwarry, costs just a fraction of its $540,000-$570,000 asking price upfront.
12 Triandra Drive, Brookfield, shows what you could get for $579,000-$680,000.
Mr Mortlock said first-home buyer incentives, such as the federal shared equity scheme and other state-based programs, would also likely exacerbate the deposit burden by lifting prices.
“Until we start building more, and a lot more, all these schemes do is kick the can down the road,” he said.
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The post Revealed: How little you need to buy a Melbourne home in 2025 appeared first on realestate.com.au.
The home at 22 Moulden Tce, Moulden, is for sale below the Darwin median house price with a price guide of $480,000. Picture: realestate.com.au
Darwin has the shortest path to homeownership of any capital city with hopeful homebuyers in the Top End able to save for a deposit in half the time of most of their southern counterparts.
Exclusive data revealed a Darwin household earning a typical wage would need to save their entire earnings for 48 weeks in 2025 to fund a 20 per cent deposit for a median-priced house.
This was less than half the time required by Sydney, Brisbane, Melbourne and Adelaide buyers, and only slightly worse off than Darwin homebuyers 30 years ago.
The analysis by MCG Quantity Surveyors used a 20 per cent deposit of $121,000 for a standard Darwin house priced at $605,000 and a typical household income of $2530 per week.
Using these figures, the average Darwin house costs about 4.6 times the typical Darwin annual household income.
In Sydney, a typical house was 11.6 times the average household income and in Brisbane it was 10 times the typical household income.
The MCG data showed the deposit burden had surged in other capital cities, but Darwin homebuyers were better off today than 10 years ago.
In 2015, a 20 per cent house deposit would be equivalent to 53 weeks of a typical household income, while it was 49 weeks in 2005 and 41 weeks in 1995.
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MCG managing director Mike Mortlock. Picture: Supplied
MCG managing director Mike Mortlock said the data served as a yardstick only, as it assumed households could save 100 per cent of their income.
“Because it ignores tax and essential spending, the deposit multiple understates the real time it takes to save, but it does let us compare cities and eras on a like-for-like basis,” he said.
“Since Covid, inflation in rents, insurance, utilities and groceries has crushed household saving rates.
“That means the lived experience is tougher than the deposit multiple alone suggests.”
Adam Cullen, owner and operator of Mortgage Choice Darwin City, said while the deposit burden was much lower in Darwin than in other capitals, many buyers still struggled to save the required amount due to the high cost of rent and cost of living.
“First homebuyers in particular have been pushed so far with so many rent increases and the inconveniences of moving properties because the landlord is seeking higher rent or changing the purpose of the property or selling the property,” he said.
“I’m meeting a lot of first homebuyers who are sick of the high rents and inconveniences and they want to build equity.
“With two incomes, you’ve still got a strong opportunity to get into the Darwin property market.”
ABS data revealed the number of first home buyers in the NT increased 23.4 per cent to 258 in the year to June 2025, which was the strongest growth in the nation.
The house at 64 Jingili Tce, Jingili, is for sale for $569,000. Picture: realestate.com.au
Mr Cullen said new arrivals to Darwin were also looking to forgo renting for the same reasons.
“They realise how high rents are and, comparatively, how low property prices are, and that spurs them to buy sooner than they might have,” he said.
The latest rental data from SQM Research showed the median rent in Darwin was sitting at $777, up 14.2 per cent in the year to July.
This placed Darwin as the third most expensive Australian capital city for rent, behind Sydney ($1076) and Perth ($828).
The Darwin vacancy rate was sitting at 0.5 per cent in July, making it the tightest capital city rental market.
Separate research by MCG using PropTrack figures revealed homebuyers in some of the Darwin’s priciest markets were forking up to $43,000 in stamp duty.
MCG’s figures put today’s top buy-in at $43,957 for a house in Nightcliff, with house buyers in eight other suburbs shelling out more than $30,000 on average in stamp duty.
While other states offer stamp duty concession for first time buyers, in the NT, house and land package buyers can qualify for a stamp duty exemption.
First homebuyers can also qualify for the First Home Owner Grant of $10,000 to buy an established home before September 30, 2025, or the HomeGrown Territory Grant of $50,000 to build or buy a new home before September 30, 2026.
Non-first homebuyer can also apply for the FreshStart New Home Grant of $30,000 to buy or build a new home.
The home at 58 Chin Gong Cct, Driver, is for sale for $400,000. Picture: realestate.com.au
Mr Cullen said while the $50,000 new home grant was appealing to first homebuyers, many were still opting to buy established.
“The appeal of an established home is they can move straight in and can stop paying rent,” he said.
“With new homes, they have to pay rent while waiting for the build, build costs are quite high and it’s difficult to find house and land packages to meet criteria for (national) homebuyer schemes.
“First homebuyers are very concerned about stretching dollars that far and having two liabilities at once.”
Mr Mortlock said buyer incentives were a good development “in theory” but in practice would likely exacerbate the deposit burden by lifting prices.
“First-homebuyer schemes often increase prices by encouraging buyers to spend more,” he said.
“They do not address the root of the problem, which is that we are not building enough.
“Until we start building more, and a lot more, all these schemes do is kick the can down the road.”
However, HIA executive director Northern Territory, Luis Espinoza said the Territory’s buyer incentives were “spurring economic growth and kick starting home building across the Territory” with the HomeGrown Territory scheme receiving more than 920 applications.
NT Government data showed the program had approved 769 applications so far and paid out more than $12.5 million in grants.
This included more than 200 new builds in the pipeline.
“The scheme is boosting housing supply, driving confidence in the building sector, and underpinning population growth,” Mr Espinoza
“Housing is intrinsically tied to economic growth and vice-versa.
“Kick starting the Northern Territory’s economy requires measures to attract more people to the Territory as well increasing the supply of adequate and affordable housing.”
The post Darwin leads home loan deposit race appeared first on realestate.com.au.
The dream of homeownership is slipping further out of reach
Queenslanders now take four times longer to save a home deposit than Baby Boomers did, as surging property costs push the average age of first-home buyers close to 40.
Shock new data shows a Brisbane household earning a typical wage would need to save their entire earnings for 104 weeks in 2025, compared to just 28 weeks in 1975, to fund a 20 per cent deposit for a median-priced home.
The exclusive analysis by MCG Quantity Surveyors compared a deposit of $188,000 for a Brisbane home now priced at $940,000 with just $4,740 on a $23,700 property 50 years ago.
The deposit burden has risen almost 40 times
While the deposit burden has risen almost 40 times, average wages have grown only from $170 a week to $1,800 – a tenfold increase.
MCG managing director Mr Mortlock said Brisbane had recorded “one of the sharpest long-run deteriorations” in affordability among the capitals”, stepping up to 31 weeks in 1985, then 45 weeks in 1993 and 63 weeks in 2005, easing slightly to 61 weeks in 2015 before surging to its current high.
“Even if Brisbane had merely held the 2015 deposit multiple, today’s median would be near $549,000,” Mr Mortlock said.
“The core story is straightforward – prices have compounded faster than wages.
“And until we build more housing, we’re going to be talking about the same thing in a few years, only the problem will be even worse.”
MCG managing director Mike Mortlock
While most recent data from the Australian Housing and Urban Research Institute (AHURI) put the average age of first home ownership at 36 in 2020, that is trending up at an alarming rate, according to the Institute’s Dr Michael Fotheringham.
“It won’t be long until 40 is the average age of a first-home buyer in Australia, as the average price that first-home buyers are paying continues to skyrocket,” Dr Fotheringham said.
“Twenty-five years ago, the average loan size for a first-home buyer was $270,000 and average purchase price $330,000.
“Now, with the average purchase price $850,000-plus, you need to have saved up significant sums of money and that really isn’t going to be a first job – most people will need to have progressed their career to be able to do that.”
Wages have not kept pace with surging demand for a dwindling supply of homes.
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AHURI’s research shows the affordability crisis had delayed the age of home ownership from 22 in 1995, with significant societal consequences as it continued to climb for buyers without access to financial assistance.
“One consequence of that is family formation is happening later as people are waiting till their late 30s to buy a home and settle down as couples because it takes that long to save up,” Dr Fotheringham said.
“There is a correlation between that and having less children than we used to because many people wait to buy a home till they have kids.”
The Australian Housing and Urban Research Institute managing director Dr Michael Fotheringham. Picture: Supplied
Buyers agent Lauren Jones said many first-home buyers were forced to either delay their entry to the market, or adjust their expectations.
“Increased overall costs associated with buying a home is often creating a conversation with first-home buyer couples as to whether they choose to buy a home first, or start a family first,” Ms Jones said.
“Single people tend to compromise on the style of dwelling — opting for a unit or a townhouse — whereas couples and families tend to compromise on location, looking to the next suburb further out where they can find a more appropriately sized home.”
Mr Mortlock said the MCG’s data served as a yardstick only, as it assumed households could save 100 per cent of their income.
Buyers agent Lauren Jones
“Because it ignores tax and essential spending, the deposit multiple understates the real time it takes to save, but it does let us compare cities and eras on a like-for-like basis,” he said.
“Since Covid, inflation in rents, insurance, utilities and groceries has crushed household saving rates. That means the lived experience is tougher than the deposit multiple alone suggests.”
Separate research by MCG using PropTrack figures reveals home buyers in some of the state’s priciest markets in Brisbane and the Gold and Sunshine Coasts are forking out more than $100,000 in stamp duty alone.
MCG’s figures put today’s top buy-in at $214,837 for an investment property in Surfers Paradise on the Gold Coast, with buyers in another seven markets also up for six-figure transfer costs: Mermaid Beach, New Farm, Noosa Heads, Ascot, Broadbeach, Minyama, and Sunshine Beach.
First-home buyers were finding ways into the market with smaller deposits
But the government’s stamp duty concession for first-home buyers shaves thousands of the purchasing costs in many city and regional areas, with nothing payable for properties priced under $700,000 and a discount for homes up to $800,000.
Mr Mortlock also noted 20 per cent deposits were no longer the norm, with many buyers using either a 10 or 5 per cent deposit.
Ms Jones said the government’s New Home Guarantee scheme requiring only a 5 per cent deposit with no LMI had intensified competition for homes priced under the threshold of $700,000 in Brisbane.
“It is almost impossible to buy a house anywhere in Brisbane under that price.”
A spike in interstate migration since Covid has added to the housing market pressure cooker
She said first-home buyers were increasingly exploring rentvesting or purchasing in regional locations as viable strategies to enter the market.
“I am also seeing many first-home buyer clients taking advantage of bank policies using parents as guarantors in order to get in the market faster.
“I find parents want to ensure that their children are buying good properties with their guarantee attached, so that they reduce risk for themselves,” she said.
The post Deposit disaster: Home dream now four times harder appeared first on realestate.com.au.
The home at 58 Playford St, Parap. Picture: Supplied
A much loved family home has hit the Darwin property market for the first time in 25 years, offering elevated tropical living in sought-after Parap.
The five-bedroom home at 58 Playford St, Parap, sits on a private 1110 sqm block with beautiful gardens and easy indoor-outdoor living.
The owners said the home was a standard elevated when she bought it, but after two major renovations it was the dream haven for her family of five, complete with pool, huge deck, outdoor kitchen and plenty of bedrooms.
“I chose it for its position,” she said.
“It was a lifestyle choice. I love living in Parap.
“I wouldn’t have swapped raising my kids here for anything.
“The village is so close and it’s so great.
“You’re always running into people and the kids could ride their bikes to the pool.
“The kids went to Parap Primary and there was always a walking or riding bus the kids could join to go to school together.”
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The living spaces open to the big deck. Picture: Supplied
There is an outdoor kitchen on the back deck. Picture: Supplied
The beautifully-renovated home is spread across two levels with timber floors, banks of louvres and open spaces upstairs.
The open plan living, dining, sitting and kitchen space flows out through bi-fold doors to an expansive deck and outdoor kitchen.
“I love the green outlook sitting in the dining room,” the owner said.
“I’d sit, have a cup of coffee and look out to all the greenery.”
The kitchen has a gas cooktop, walk-in pantry and waterfall island breakfast bar, while the outdoor kitchen has a sink and built-in cabinetry.
The owner said the big deck was perfect for entertaining.
“We have so many memories of parties and get-togethers on the deck,” she said.
“Everybody loved to come to this house.”
The main suite is separate from the other bedrooms and includes an ensuite, walk-in robe and study.
The three remaining bedrooms sit at the end of the house along with a family room.
The owner said the extra living space was perfect for a family with kids.
“We called it the playroom,” she said.
“My kids would drag their mattresses in there to make forts and have sleepovers.
“When they were teenagers, it was great for them to have their own space, and it was very important to have a room where the Xbox could go that wasn’t the main lounge room.”
Louvres and timber floors feature throughout the home. Picture: Supplied
The deck looks out over the tropical gardens. Picture: Supplied
Downstairs, there is a rumpus/guest room, a bathroom, a laundry and an entry foyer with internal stairs leading to the second level.
“The guest room was used quite a bit,” the owner said.
“My husband’s from a big family with 14 kids and quite often we’d one of his siblings coming to live with us.”
Outside, the property has low maintenance tropical gardens, an in-ground pool, undercover entertaining space and undercover parking for cars and a boat.
The owner said not only was the home the perfect place to raise a family, so too was the neighbourhood.
“I couldn’t imagine it being better than this,” she said.
“I’m so close to my neighbours.
“We go out for breakfast at least once a month together.
“We’re a really close group, always with the ‘hi’ and ‘how are you’.”
PROPERTY DETAILS
Address: 58 Playford St, Parap
Bedrooms: 5
Bathrooms: 3
Carparks: 4
Auction: Sat, Sep 6, 9.30am
Agent: Andrew Harding, 0408 108 698, Evie Radonich, 0439 497 199, Ray White Darwin
The post House of the week: Tropical family haven appeared first on realestate.com.au.
First-home buyer Rebecca Wolfers and her partner, Mitchell Crossno, at their rental home in Newstead, Brisbane. Pic: Lyndon Mechielsen/Courier Mail
Rebecca Wolfers’ excitement at finally being ready to buy her first home aged 39 soon turned to frustration, as the properties on her wish list were selling for about $250,000 more than she had budgeted.
The Brisbane data and admin officer earns an above-average salary of $134,000, but must compromise to get into the market as affordability has rapidly deteriorated in the years she has been saving for a deposit.
“You start out being very excited, but it has quickly become one of the most stressful things I’ve ever had to deal with,” Ms Wolfers said.
“It’s been a balance between hope and disappointment.
“You get excited about a place, but then quite disappointed to see how prohibitive the prices have become.”
The couple found prices had “exploded” since they started looking. Pic: Lyndon Mechielsen / Courier Mail
While most recent data from the Australian Housing and Urban Research Institute (AHURI) put the average age of first home ownership at 36 in 2020, that is trending up at an alarming rate, according to the Institute’s Dr Michael Fotheringham.
“It won’t be long until 40 is the average age of a first-home buyer in Australia, as the average price that first-home buyers are paying continues to skyrocket,” Dr Fotheringham said.
Ms Wolfers and partner Mitchell Crossno, 40, were hoping to buy a three or four-bedroom home in the Bracken Ridge or Bald Hills areas, but found prices were “exploding” since they first discussed moving in together last year.
“We had only been together a year at that point, so we waited, and things have gone up exponentially since then and I would say the limitations are quite extreme,” said Ms Wolfers, who describes herself as “a pure renter my whole life”.
A three-bedroom home in Bald Hills recently sold for $1.005m
Mr Crossno has owned a home previously, but Ms Wolfers has rented since 2013. Over the past five years she saved $40,000, topping it up with an inheritance.
“We were hoping for a home with space for us and hopefully a child, but there seems about a $200,000 difference in prices even from a year ago and we are starting to look at different suburbs that we wouldn’t have considered,” Ms Wolfers said.
The cost of a typical three-bedroom house in Bracken Ridge has soared 10 per cent over the past 12 months, to a median of $885,000, according to PropTrack data.
They have expanded their search. Pic: Lyndon Mechielsen/Courier Mail
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“We are noticing that places are advertised at a certain amount and sometimes selling for as much as $250,000 over what they were appraised at.”
Ms Wolfers has engaged buyers agent Lauren Jones after experiencing the disappointment of often being outbid by investors.
“Investors have equity they can leverage, and as a first-home buyer I can’t compete with that.
“Engaging Lauren has been a hugely helpful process. It takes the stress off because looking for a house can be quite consuming.”
This four-bedroom house in Bracken Ridge is listed with a $977,000 price tag
The post First-home buyer reveals shock price gap in property hunt appeared first on realestate.com.au.
Investors pushed bond yields and mortgage rates down Friday after Fed chair says policymakers are starting to see unemployment as a bigger risk to the U.S. economy than inflation.
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