Are you a first home buyer looking to get into the Sydney market?
Did you know that the average time it takes for couples to save their 20% deposit is 6 years and 7 months and twice as long as a single? This is to purchase an entry-level house and based on average wages.
Sydney remains the city with the highest property prices in Australia. This means that on average it is taking 8 months longer than Melbourne buyers and more than double the time for buyers in Hobart or Darwin.
Saving to buy an entry priced unit (costing $593K) has remained at 5 years nine months for many years.
Currently
Property is currently seeing less urgency for buyers to snap up the first property they can. The availability of property is also at their highest in 5 years. What this means is that when you are shopping for your property, there is more choice and more time to make the right decision.
Options
With Sydney property growth many buyers are able to get into the market with just a 5% or 10% deposit and pay the mortgage insurance. With the market cooling off a lower deposit is not always the best choice.
Advice
Make sure you seek advice based on your individual circumstances and try not to overcommit yourself in the property market. Know what options you can take up relating to being a first home buyer – e.g. NSW exemption of stamp duty for property under $650K.
When you are ready to purchase your property – Select Conveyancing will help you through the process to make it as easy as possible.
Source of timelines – Domain Property
