Saving up a Burpengary deposit: What should your goal be?
One of the hardest aspects of purchasing property for first time buyers is simply saving up the home loan deposit.
After all, this is likely to be one of the biggest assets most Australians buy during their lifetime and as property prices continue to develop and grow, saving up the elusive 20 per cent deposit expected from lenders can be a daunting experience.
Specifically, data from realestate.com.au highlights the median price for a house in Burpengary at $398,000, as at March 2015. This makes the 20 per cent deposit $79,600, which could be a significant amount for novice buyers moving into the market.
Furthermore, if you're interested in units in Burpengary, you can expect to pay a deposit of around $54,000 since the median price in the area is $270,000.
However, these prices are great when compared to Queensland's capital city. According to RP Data, the median dwelling price for Brisbane is measured at $445,200 for March 2015. This works out to an average deposit of $89,040.
This is a whole $10,000 more than the deposit you could pay for detached real estate in Burpengary, which could offer a great alternative to buying into Brisbane's expansive market.
Be sure to get in touch with a real estate agent in Burpengary in the coming months if you're interested in discussing the options available in the local community.