This comes as a survey of 1,012 Australians including 184 first home buyers conducted by the House of Brand Group for CommBank revealed the list of non-negotiables for first home buyers when navigating the property market.

If trading one for the other, the survey revealed 38% of first home buyers identify space for a pet as a greater level of importance over distance to family at 23%. 

Property price remains the most significant non-negotiable for 69% of first home buyers, followed by location at 57%, the type of property at 52% and the size of the property at 41%. 

CommBank Executive General Manager Home Buying Michael Baumann noted while first home buyers do have their property “wish list”, they are willing to make compromises to achieve their goal of property ownership sooner.

“The ‘Great Australian Dream’ or aspiration of owning a home continues to remain strong among young Aussies who currently don’t own a property, with almost 75% agreeing buying their first home is one of their biggest financial goals,” Dr Baumann said.

Deposit hurdles remain significant factor for first home buyers

The CommBank-commissioned survey revealed 79% of first home buyers are prepared to cut back on non-essentials to help them save quicker to achieve their first home dreams.

Further, 81% of first home buyers plan to ditch social outings, nights out and social activities in order to promote greater savings.

This comes as the August edition of ANZ CoreLogic Housing Affordability Report revealed the time needed to amass a 20% deposit for a median-priced Australian home of $752,000 now sits at 11.3 years. 

This is almost double the 6.7 years needed to save a deposit back in 2002. 

More recently, first home buyers have shown an increased reticence to enter the property market, given limited the limited availability of housing stock, interest rate increases and cost of living pressures. 

Despite these hurdles, Dr Baumann said there are opportunities for first home buyers to enter the property market sooner. 

“In particular, schemes like the Government’s Home Guarantee Scheme, which comprises the First Home Guarantee, the Family Home Guarantee and the Regional First Home Buyer Guarantee, can enable first home buyers to secure their first home sooner and invest in their futures,” he said.

“We encourage any potential first home buyers who are looking to get their foot on the property ladder in the not-too-distant future to speak with their lending specialist or broker to see what finance options and government grants or schemes may be available to them.”

Read more: Guide to the First Home Guarantee, Guide to the Family Home Guarantee, Guide to the Regional First Home Buyer Guarantee

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