Oz property deals scarce for FTBs
First time buyers are a rare breed within the Australian real estate market according to recent reports as real estate prices have soared many prospective home owners are facing a longer wait before they have saved enough for a deposit.
During the last twelve months the deposit required on an average priced property had increased from just over $78,000 to around $85,000. The average time now needed to raise such an amount has increased to around four and a half years.
First time buyers hoping to buy proerty in Sydney, Melbourne and Perth have an even longer wait before they manager to raise the huge deposits for these much more expensive housing markets.
Existing property owners hoping to move up the property ladder are able to do so with relative ease having built enough equity to take to a higher level but at the lower end of the price scale FTB's are struggling to afford to make the move especailly since changes in the first home buyers grant and when the higher interest rates are applied