Canberrans are spending more time than most saving for a first 'home'

Reporter Lewis Haskew takes a look into how long it's taking Canberrans to save for their 'first home' versus the cost of a 'first unit'.

Plus, how the Nation's Capital compares to other  capital cities across Australia.

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Episode Transcript

Speaker 1 (00:00):
We're selling selling, So we all know buying a home
these days is pretty expensive. But the time it's taking
first home buyers to save up for their entry into
the Cambra property market has fallen. However, it's still relatively
higher than most other cities across the country. According to

(00:23):
a new report from real estate company Domain, the time
it's now taking for a couple to save up a
twenty percent deposit on an entry priced house in the
Act now sits at six years.

Speaker 2 (00:36):
We found that falling property prices in certain cities, higher
interest rates, accruit on savings and wage growth of aligned
to reduce the time it takes to save for an
entry priced property deposit.

Speaker 1 (00:49):
That's Domain's chief of Research and economics, doctor Nicola Powell. There.
The good news is the six year timeline for Canberra
is down from seven years and one month this time
a year ago. The bad news, despite the thirteen month decrease,
camera couples are still spending more than a year longer
saving when compared to the national average. Only one capital

(01:13):
city in Australia saw people spending more time saving. That,
of course, is Sydney, coming in at eight months longer
than Canbra. It's a slightly better story when it comes
to buying a unit, though with the time it's taking
the same couple to save the same size deposit, coming
in right on national average at three years and seven months.

(01:35):
The report finding the gap between the time it takes
to say for a house versus a unit is the
biggest of any capital city here in the nation's capital,
and doctor Nicola Powell says that's now challenging what the
concept of a first home really looks like in Canbra.

Speaker 2 (01:52):
The ability to service that mortgage takes out twenty six
percent of your post tax income compared to a house
that forty five percent. Units offer a much more affordable alternative.

Speaker 1 (02:05):
I'm Lewis hask you reporting for amplifying news and to
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