A new report has named Queensland as the most affordable first homebuyer property market on the eastern seaboard. First-time buyer couples there only need to save for 3.8 years to complete a 20% deposit. The sixth annual Bankwest First Time Buyer Deposit report said the national average is 4.1 years.
“Compared to the other eastern states, Queensland offers the most-manageable first-time buyers’ market,” said Ian Rakhit, Bankwest head of specialist banking. “But with strong wage and population growth across the state, it’s possible that Queensland’s first-time home market will soon gain pace, in line with New South Wales and Victoria. Queenslanders in a position to buy their first home now will benefit from relatively favourable conditions.”