Ipswich first-home buyers better placed than those in Brisbane

IPSWICH'S first-home buyers are far better placed than those in Brisbane to save a deposit for their first home.

A new Bankwest First Time Buyer Report, based on Australian Bureau of Statistics figures, show that Ipswich first-home buyers take just 2.6 years to save a 20% deposit of $48,500 for a median priced home in the Ipswich local government area.

That is well under the Brisbane average of 4.2 years. Brisbane first-home buyers must also save $95,800 for a median priced home, twice what is required in Ipswich.

The Queensland average is 3.5 years and $70,500.

The deposit-saving periods are based on income figures for couples aged 25-34 in each local government area and median house price data.

Bronwyn Handley, of Switch Realty, said the Ipswich figures were a boost for first-home buyers locally.

"They are very interesting statistics and it has got to make Ipswich an area to be looked at if you are wanting to purchase your first home," she said.

"Once the government changed the first-home buyers' grant (of $15,000) and put it on to new homes we didn't see too many first-home buyers.

"To buy a new home they have to spend $350,000 which means they have to save even longer. But they can buy an older home for $200,000 to $250,000 which means they can get onto it quicker. Then they can do some work on it and in three to seven years they can look at selling and upgrading and being in a better financial position."

Scenic Rim first home buyers take 3.8 years to get their deposit of $64,400 together.

Figures show that those in the Somerset take 2.7 years and need $44,500 while the Lockyer Valley figures are 2.88 years and $45,100.

BUYER'S BOOST

  • Ipswich first-time buyers (FTB) need 2.6 years to save a $48,500 deposit.
  • Somerset FTBs need 2.7 years for $44,500
  • Brisbane FTBs need 4.2 years and $95,800