How long it takes to save for a house deposit here?

Young first time buyers are looking to buy
Young first time buyers are looking to buy Contributed

POTENTIAL home buyers in the South Burnett spend 2.27 years saving for their home deposit a new report says.

The ninth Bankwest First Time Buyer report tracked the time it would take for first time buyers to save for a home deposit in the five years to June 2017.

The number is based on a deposit of 20% of the cost of a home.

The state-wide house deposit wait is four years and the national average is 4.6 years. About 13.7% of all dwelling purchased in the year to June 2017 were first time buyers.

The average joint income, according to the Bankwest report, for first time buying couples in the South Burnett was $96,165.

Raine and Horne Kingaroy principal Jackie Allery said it was a good time to buy in the region.

"It is a buyer's market, great time for young people to get into a first home, not necessarily a new home, but a cheaper older style home" Mrs Allery said.

"Prices are probably at all time lows for people buying, so it's a great time to get into the market."

"Some of the repayments on some homes are very comparable to rent." managing director Otto Dargan said cutting back on spending was the key to getting into a new home sooner.

"Saving a deposit isn't easy and if you can't cut back on your lifestyle then you'll be stuck renting for life," Mr Dargan said.

"Unfortunately, we often get calls from people in their 50s who have never bought a home and they likely never will. Taking action while you are young is critical to making sure that you don't end up in financial mess at retirement."

South Burnett

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