Key takeaways

The time required for a couple aged 25-34 to save a 20% deposit for an entry-level property has decreased compared to last year. However, significant hurdles remain due to record-high property prices and the rising cost of living.

Mortgage serviceability is strained across capital cities, with entry-level home loan repayments now exceeding the recommended threshold of 30% of income. This is exacerbated by high cash rates, posing a risk of mortgage stress for first-home buyers.

The challenges of saving time and stretched mortgage serviceability, along with high property prices, have increased reliance on financial support from family. Aspiring homeowners may need to explore different property types or locations for improved affordability, with the concept of "rentvesting" gaining traction.

The report underscores the urgent need for governmental intervention to address the long-term housing undersupply issue. While schemes like Help to Buy show promise, sustained efforts are necessary for meaningful change.