It’s the Australian dream: buy a house young, be successful forever. But how many of us actually buy a house young?
Not many, new research shows.
First home buyers in Australia are closer to 40 than 20, according to new data from Money.co.uk, so if you’re feeling left behind – don’t.
In Australia, the average first home buyer is 36. That’s near the older end of the spectrum when compared to other countries across the globe.
It takes the most time to get on the property ladder in Switzerland, where first home buyers are, on average, 48 years old. According to the report, just 37.4 per cent of Swiss own their own home, despite having the second-highest salary of all countries surveyed.
That’s due to property prices being so high: the average price of a two-bedder in Switzerland is nearly $1,000,000.
The youngest first home buyers are in Belgium and Iceland, with these European and Nordic buyers being just 27 when they embark on their first foray into the property market.
It’s unsurprising that Icelanders are the youngest of the bunch, with research showing Icelanders also earn the highest annual salary of all the countries in the survey.
In New Zealand, the average first home buyer is 35, while in the United States, they are 33.
Here’s how old first home buyer are across the globe
Property prices in Australia
Australia’s housing market may have taken a dip due to Covid-19, but it’s back on the mend – and will likely hit pre-Covid highs as early as January next year, new data reveals.
The CoreLogic housing value index showed property prices in all capital cities rose over the month of November – including Melbourne.
“The national home value index is still seven tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace we could see a recovery from the Covid downturn as early as January or February next year,” CoreLogic’s head of research, Tim Lawless said.
More people may be tempted by the housing market now, with interest rates confirmed to remain at record lows for “at least 3 years”, RBA governor Philip Lowe said in announcing the December cash rate decision.