Over the past year, it’s become significantly easier for first home buyers to save 20% on house deposits, according to new research.

In February 2022, first home buyers needed an average of 5 years and 5 months to save a 20% house deposit. By February 2023, that had fallen to 4 years and 11 months.

It’s also become easier for first home buyers to save a 20% unit deposit, with the average time falling from 3 years 9 months to 3 years 7 months.

The average income and purchase price of first-home buyers have been calculated by assuming they were a couple aged between 25-34 years and were purchasing an entry-level property.

The reason first-home buyers now need less time to save a deposit is that property prices have fallen over the past year, which means the deposit requirement has also fallen.

We love helping first-home buyers enter the market. If you want to buy your first home (or your children do), reach out today so we can explain your options.

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Photo by Jinda Noipho