RESIDENTIAL PROPERTY
A COUPLE saving up to buy their first home have been offered a “time machine” and are realising their dream six months quicker than a year ago...
The process for first-home buyers looking for houses in Sydney and Canberra is 13 months shorter than a year ago, and nine months in Melbourne...
Adelaide was the only capital to see an increase, of one month, to four years and nine months.
In Sydney, which has the highest median price, it takes six years and eight months for a couple to save up for a 20% deposit on an...
Brisbane improved by 11 months to four years, Darwin by nine months three-and-a-half years, and Perth is a month longer.
“A time machine has been offered to first-home buyers across Australia, as falling property prices in certain cities, higher interest rates accrued on...
The combined capitals was five years and three and combined regionals three years and 10 months, making for an annual average of...
It has also become two months quicker for an entry-priced unit since this time last year. Four years and seven months of saving is required in...
“Previously, rock-bottom interest rates greatly benefited mortgage holders, making it cheaper to borrow and repay a home loan.
“Now in 2023, first-home buyers are facing less competition and softer prices, reshaping the affordability conversation,” Powell said added.
Kareene Koh, general manager and CEO of Domain Home Loans, said rising mortgage rates have negatively impacted the costs associated with a home loan.
“The decline in prices has assisted buyers in shortening the time to save, but higher interest rates have seen the affordability of...