Saving for a deposit and affordability are the two biggest hurdles facing most first-time home buyers face.
Increased cost of living, sparked by inflationary pressures, is making it increasingly difficult to achieve the 20% deposit, plus associated purchase costs, normally required by lenders, according to the September Genworth First Home Buyer Report. This means that in some markets achieving the deposit for a home may take more than 14 years, it says.
Even though house prices are now easing, they are still high, particularly in the most desirable areas. Nationally the median house price is $730,000 and in our biggest capitals, Sydney and Melbourne, it's $1.05 million and $775,000 respectively
