Queens­land the eas­i­est place for

The Courier-Mail - Property - - REALESTATE INSIGHT - KIERAN ROONEY

Queens­land is the most af­ford­able first home­buyer prop­erty mar­ket on the east­ern seaboard, with the av­er­age first-time buyer cou­ple need­ing to save for 3.8 years to raise a 20 per cent de­posit to buy a house.

This is lower than the na­tional av­er­age of 4.1 years and the fourth short­est sav­ings pe­riod of any state or ter­ri­tory, ac­cord­ing to the sixth an­nual Bankwest First Time Buyer De­posit Re­port.

The re­port also shows sav­ing for a house de­posits was eas­ier in the majority (54 per cent) of Queens­land lo­cal gov­ern­ment ar­eas, com­pared to 2013. This is in stark con­trast to New South Wales and Vic­to­ria, where sav­ing times have in­creased by 78 per cent and 84 per cent of LGAs re­spec­tively.

Sav­ing pe­ri­ods for Queens­land first-time buy­ers have in­creased slightly over the past year (2.7 per cent), driven by an in­crease in me­dian house val­ues of 5.8 per cent in the past 12 months.

How­ever, over the past five years first-time buyer wages have out­paced me­dian house value growth, with wages grow­ing by 19.1 per cent com­pared to house value growth of 1.9 per cent.

“Com­pared to the other east­ern states, Queens­land of­fers the most-man­age­able first­time buy­ers’ mar­ket,” said Ian Rakhit, Bankwest head of spe­cial­ist bank­ing.

“But with strong wage and pop­u­la­tion growth across the state, it’s pos­si­ble that Queens­land’s first-time home mar­ket will soon gain pace, in line with New South Wales and Vic­to­ria. Queens­lan­ders in a po­si­tion to buy their first home now will ben­e­fit from rel­a­tively favourable con­di­tions.”

The study found it would take less than two years to save for a house de­posit in almost one in five (17 per cent) of LGAs in Queens­land, while a fur­ther 76 per cent would take be­tween two and four years to save a house de­posit.

At the top end of the Queens­land mar­ket, 7 per cent of LGAs (three out of 46) would have sav­ings times of more than four years.

This num­ber pales in com­par­i­son to the 32 per cent of LGAs that would take four or more years of sav­ing to buy a first-time home in New South Wales.

For Deagon res­i­dents Ben Elder and Tay­lor Fels­man it took two years to save a de­posit on their first home.

“We were lucky in that we learned about fi­nan­cial re­spon­si­bil­ity from both our par­ents so we were both good at hav­ing a set amount that we saved ev­ery week,” Mr Elder said.

“It was def­i­nitely dif­fi­cult but we didn’t have to give up too many things to get there. If any­thing, it's the costs we weren’t aware of like deal­ing with solic­i­tors that were trick­ier for us.”

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