Ideal Spots For FHBs
There are plenty of locations which fit within the budget of first-time buyers according to a new report by Domain.
Domain chief of research and economics, Dr Nicola Powell, says the big issue is saving a deposit but median house prices are low enough in these locations to make it manageable.
She selected suburbs with medians where it would not take as long to save a 20% deposit for a couple on average incomes, although it does require buyers to be willing to look further form the CBD.
The Domain First Home Buyer Report says in Melbourne the Melton-Bacchus Marsh area about 66km from the CD is more affordable for first home buyers.
Brisbane buyers should look in the Cleveland-Stradbroke area while in WA, Perth city is most affordable.
Adelaide’s Playford is ideal for first time buyers, in Canberra it’s Tuggeranong and in Darwin, Palmerston. In Sydney, St Marys is within FHB budgets, but it is still more expensive than many other cities.
“Generally speaking, if you’re looking for an entry-level house, the time to save decreases the further away you get from the city centre,” Powell says.
