HOW YOUNGER AUSSIES ARE OUTSMARTING THE PROPERTY BOOM TO GET INTO THE MARKET

First-home buyers are bearing the brunt of worsening housing affordability issues in Australia, with prices growing higher and the deposit hurdle worse than ever.

The median house price in Australia rose by 22.7% last year alone, PropTrack data shows, with wages failing to keep up with price growth. It can now take almost a decade to save a 20% deposit in some areas, and then there are costs on top of that. All of this means that many younger Aussies are struggling to get into the property market. Many go the traditional route of buying with an intimate partner, while others are lucky to have the bank of Mum and Dad to help… but what do you do if those options aren’t available to you?

Cameron Kusher, director of economic research at PropTrack, said it’s harder than ever for first-home buyers to battle against high prices and borrowing barriers. “Saving a deposit and the impost of lenders’ mortgage insurance pushes back the timeline in which purchasers can enter into the housing market for the first time,” Mr Kusher said.

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