Queensland the place to be for young Aussies looking to get their first home, research shows

Young Aussies in Queensland are more likely to be in the market to own their own home than any other state, according to our research. 

We’ve looked at mortgage application data (from January – June 2017) broken down by region, and it shows Queensland has the highest proportion (17 per cent) of mortgage applications among people under 30 in Australia, compared to making up only 15 per cent of all applications nationally.

Queensland is followed closely by Western Australia (16 per cent) and South Australia (15 per cent). The area with the lowest proportion of young Aussie applications is the Northern Territory with 11 per cent.

Is your avo on toast habit holding you back?

“Strategies for young Aussies get into the property market are hotly debated, with commentators regularly providing tips from reducing your avo on toast intake to advising people to get higher paid jobs,” says CreditSimple.com.au spokesperson Emily Price.

“We’re not sure about the going rate for avocados in Queensland, but it’s clear that it’s one of the best places for young Aussies to get on the property ladder. With average asking prices of $476,406 for a house in Brisbane, it’s a lot more affordable than other major cities such as Sydney ($799,000).”

Click here for tips and strategies for getting your foot on the property ladder.

The analysis also highlighted the postcodes and suburbs with the most mortgage applications by under-30s, with three out of the top five suburbs in outer Melbourne:

  1. 3029, Victoria – suburbs include Truganina and Hoppers Crossing
  2. 3064, Victoria areas include Craigieburn, and Roxburgh Park
  3. 4350, Queensland – Toowoomba suburbs including Kearney’s Spring and Glenvale
  4. 2170, New South Wales – areas include Liverpool and Moorebank
  5. 3977, Victoria – locations include Cranbourne and Botanic Ridge

Here at Credit Simple we’re pledging to help Aussies get the deals they deserve. By finding out their credit score, consumers can understand whether they are eligible for better deals from banks including mortgages, loans and credit cards.

How to get your first home loan

“It’s always wise to do your homework, assess your options and be selective when you’re applying for credit,” said Ms Price. “People often don’t realise that too many mortgage applications all at once can negatively affect your credit score and act as a red flag to credit providers.

“Some mortgage providers will be open to offering you a deal tailored to your credit score and history. The first step is to check your score right here on Credit Simple. If it’s above 700, you’re an attractive customer and you should talk to your bank or mortgage provider about the options available to you. If it’s below 700, we may be able to provide you with ways to increase it.”

Wherever you’re located, checking your credit information should be a key step in buying a home. To find out more and discover your score, click here.

Credit Simple

Credit Simple gives all Australians free access to their credit score, as well as their detailed credit report. See how your credit score compares by age, gender and community and gain valuable insights into what it all means.

All stories by: Credit Simple