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The data, released by the Commonwealth Bank of Australia (CBA) has revealed that 40 per cent of first home buyers acquired a property alone in the first half of 2024, a rise from 35 per cent in 2019.
This trend highlighted a growing willingness among Australians to embark on property ownership without the assistance of a partner, friend, or family member.
Despite this shift, CBA’s findings also indicated that the use of government-funded guarantees by first home buyers has surged. Between the financial year 2021 and 2024, the utilisation of first home buyer guarantees rose by 45 per cent.
Dr Michael Baumann, executive general manager of home buying at CBA, said: “With property prices rising consistently and the current cost of living pressures, it is not surprising to see first home buyers looking at all of the options available to them – be it via innovative loan types, loan policy or government grants and incentives – in order to acquire their first home.
“CommBank is an active participant in all of the different government guarantee schemes, and our network of lenders are well positioned to help first home buyers navigate the process of buying a home and applying for the relevant grants.
“We’ve helped thousands of first home buyers access the appropriate government grants or take advantage of our innovative product solutions – like Property Share – in order to achieve their property ownership ambitions.
“Property Share allows home buyers and investors to split the cost of buying a home with family or friends while retaining individual control of their finances.”
The average home loan size for first home buyers across Australia was $497,692 in FY24. In metropolitan areas, the average loan size was $529,642, while in regional areas it was $403,203.
Although the average loan size for regional first home buyers was lower than their metropolitan counterparts, their loan-to-value ratio (LVR) was higher.
For FY24, the average LVR for regionally based first-time buyers was 86 per cent, compared to 82 per cent for those purchasing in cities.
“We know that on average, regional properties are cheaper than metro-based dwellings and often sit on larger land lots – which could be attractive especially for some customer segments,” Baumann said.
“Given the greater level of housing affordability in the regions, these areas often provide first home buyers with the perfect opportunity to take their first step into the market.”
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