The first home buyer incentives have allowed more individuals and couples to enter the property market.
However, saving to pay a deposit, all the fees involved in purchasing a home and relocating costs can put purchasing on the back burner.
A study completed in the UK analysed the ages of first home buyer’s across 25 countries. Australia’s
average first home buyer age came in at 36 years old. In comparison, Belgium and Iceland’s average
resulted just shy of 10 years younger at 27.
It is important to keep in mind that the cost of living, the average purchase price, social norms, the cost of building a home, grants available and numerous factors would have an impact on these results. Many people are prioritising travel, studying for longer, having children later and choosing to rent for longer.
There should be no cap or society expectation for when is the right time or age to purchase a
Your decision to purchase a property should be dependent solely on your short and long-term goals,
lifestyle and of course financial situation. If these align and you are looking for assistance to purchase a property to live in or a property to rent out – our mortgage brokers and wealth creation strategists are happy to discuss this with you (obligation fee)