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Six Years to Save For a Deposit?

12 Jul 2010 Casula 0 Comment

Does it take six years for a first home owner to save for a home in Sydney?
That’s the latest claim by the Sydney Morning Herald, stating first home buyers in Sydney need to be able to save up for a deposit of $128,200 in order to buy themselves their first home. This would mean that at 20 percent their first purchase is a home worth $641 000.
Now I don’t know about you, but does this price sound a little high for a first home buyer?
It is true that the average home price in inner Sydney is $657,000 which is quite a large number, but I’m not sure how many first home buyers are choosing these types of homes as their first foray into the property market.
The truth is that first homes often aren’t the dream home that we imagine, and are often homes seen at the cheaper end of the property scale.
Sure many first-home buyers might still want to live in the city, but this normally comes with a compromise such as buying a unit or a home that needs a bit of work done.
If it is a big brand spanking new house that you want as your first home, then they might consider moving further away from the city centre.
Of course if you want to spend more on buying your first home, then by all means go for it, but if you are in the position of many first home buyers who want to get into the property market but think they can’t afford it, then maybe you will need to come up with a compromise?
What do you think? Are first homeowners really spending $641 000 on their first property?

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