More help is on hand for homebuyers with a further 50,000 places released under the Federal Government’s Home Guarantee Scheme. This includes 35,000 places for the First Home Guarantee, 10,000 places for the Regional First Home Buyer Guarantee and 5,000 places for the Family Home Guarantee.

The various schemes allow home buyers to secure a property with a deposit as low as 5% depending on criteria. HIA chief executive Simon Croft says the scheme recognises that saving for a deposit is the largest obstacle to achieving home ownership. “With the current cost pressures on households, a first home buyer is facing years to save a deposit, and in that time they risk being priced out of the market,” he says.

Analysis of the Scheme from the 2022-23 financial year, found about 10,860 of those accessing the scheme living in regional areas. “More than half of all places under the Scheme, in 2022-23, were taken up by people under the age of 30,” Croft says.