SA’s singles are buying more homes than ever

SA’s singles are buying more first homes than ever. Find out how they’re doing it, and how you can too.

Rising property values are not deterring SA’s single home buyers, with new statistics revealing more secured their slice of the Great Australian dream last year than ever before.

According to data by government-backed lender HomeStart, almost a third (29 per cent) of loans settled in the 2020/21 financial year were to single first-time buyers, with 66 per cent of these being single females.

The data also shows the proportion of single buyers has increased by 10 per cent over past six years.

HomeStart chief executive officer John Oliver said average home loans had increased in recent years and said the financial institution could well become the preferred lender of many who were finding it increasingly hard to get a mortgage from a bank.

Leah Grace at her Goolwa South home. Picture: Brenton Edwards

“The average purchase price of a home by a single, first homebuyer with HomeStart in 2016 was $276,132, but this rose to $330,546 in 2021,” Mr Oliver said.

“Saving for a deposit remains the largest barrier to home ownership for single homebuyers, and rising house prices mean that for many, home ownership always seems to be just out of reach.

“Managing home loan repayments on a single income is also often more challenging.”

Alexandrina Council arts and cultural development officer Leah Grace bought a home in Goolwa South in June through HomeStart and said she felt privileged to have been able to achieve her home ownership dream.

“I’d been living in the house for two-and-a-half years and mentioned after just a few months to my beautiful landlady that I would love to buy her little cottage one day,” she said.

“And eventually I did.

“I’ve always loved the idea but never really put it practically in place until about five years ago.

“Now I can paint on the walls if I want to – it’s a really good feeling.”

Referring to herself as a “late bloomer”, Ms Grace bought her home at age 54, and said it’s never too late to think about buying your first home.

“The biggest bonus is that feeling of security – the rental market’s gone mental because of Covid, and subsequently here in Goolwa, they are as rare as hens’ teeth, so to not have to be concerned about that is a good thing,” Ms Grace said.

While the number of single first homebuyers purchasing through HomeStart was increasing, the average age of its first-time buyers has remained consistent over the past six years at 35.