Two-thirds of Australia's first-home buyers join forces with a partner, family, or friend to buy their first property, according to new research by St George Bank.
The research also revealed that first-home buyers are compromising in order to get into the market. The results show that only 74% found the property they were after, while 50% compromised on location, 46% compromised on price, and 45% sacrificed some space and size in order to buy.
"Two incomes are better than one," said Ross Miller, General Manager for St George Retail Banking. "By purchasing with your partner or friend, you can make buying a house a lot more affordable and share the costs, including stamp duty and valuation fees."
Pure Profile conducted the survey of 1,003 Australian who bought their first home in the last 24 months. The study was commissioned by St George Bank.
Deposits were generally achieved through savings, with 60% saying they funded their deposit with a dedicated savings plan. The most common savings were made through cutting back on household expenses (60%), spending less on eating out/entertainment/shopping/holidays (55%), and saved money by living with family (29%).
A total of 57% of first-home buyers found working out what was good value was the most difficult step in the home-buying process.
It took more than 12 months for 8% of survey respondents to buy a property, while 77% of respondents bought a property within six months or less.
Best opportunity in years for first-home buyers