How long it really takes buyers to save for first Coast home
SUNSHINE Coast couples will scrimp and save for more than five years to have a house deposit of 20 per cent.
Research released today shows how hard it is for first home buyers to break into our region's housing market.
The ninth annual Bankwest First Time Buyer Report reveals the deposit challenges of would-be home owners across 421 local government areas.
It shows Coast couples with the region's average combined income of $105,900 a year will spend 5.11 years saving for a house deposit or 3.64 years saving for a unit deposit.
The statewide house deposit wait is four years and the national average is 4.6 years.
Coast real estate agent Tom Offermann said saving for a home on the Coast was achievable, people just needed to be practical.
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"Buying a home is a worthwhile investment for the compromises you have to make," he said.
"I see very commonly people who want to purchase three or four bedroom homes with a double lock-up garage and pool as their first home.
"Some people just want too much out of their first home and are overextending themselves with their loans because they want everything immediately."
Real Estate Institute of Queensland's latest report showed the median house price in the Sunshine Coast region in June was $560,000.
Homeloanexperts.com.au 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 a financial mess at retirement."