All that is needed is a 5% deposit to secure your foothold in the real estate market. From all accounts it is currently a buyers' market, but first home buyers have been noticeably quiet in the property market of late.
So why haven't they been buying? Several reasons have been suggested but it is likely the phasing out of government incentives for this segment is a contributing factor. The various first home owner grants initially worked to increase first home buyer demand in previous years resulting in a "pull forward" effect, thereby bringing forward many purchases and then following more slowly the following years. Many first home buyers were also priced out of the property market during the boom and were disappointed the grants artificially inflated housing prices putting houses that would normally be affordable out of their reach.
At the time it was believed the grants significantly contributed to higher house prices at the lower end of the property market. Some potential buyers this year have been sitting on the sidelines wary of making a mistake by paying too much or over committing and nervous about the possibility of higher interest rates in the future.