It is possible to secure a home with less than a $50,000 deposit in five Canberra suburbs, according to recent data.
Units in the northern suburbs of Gungahlin and Belconnen were included in Canstar's annual deposit report, along with the Woden Valley suburbs of Mawson, Curtin and Chifley.
In Curtin, the median price of a unit was $370,000 in the quarter to September 2024.
Gungahlin had the next lowest median price, at $453,700 and a median weekly rent of $518.
You may get more bang for you buck in Belconnen if you are purchasing an investment property. Here, a unit would cost you a median $487,500, but it would bring in about $580 in rent.
The suburbs were determined by considering loan-to-value ratios, the median price growth of properties, rental growth, and nearby infrastructure, according to Canstar's data insights director, Sally Tindall.
No suburbs were accessible for under $50,000 for those wanting to buy a house.
That is consistent with a two-speed market that has emerged across Canberra properties in recent months, in which unit prices are softening far faster than that of houses.
But Ms Tindall said buyers should not be concerned by this, as apartments were "a fantastic stepping stone".
"It is very normal that people can't afford the leap into a house. It is called a property ladder for a reason," she said.
Time to 'put the tarot cards away'
For first home buyers with a small deposit, it was easy to sit on money until the time was "just right", according to Ms Tindall.
"If you are looking to buy your first home - particularly if you are looking to live in it - I would put the tarot cards away and spend your time looking for the right property for your needs," she said.
Areas with good amenity, close to public transport and with other infrastructure each buyer desired should be considered over waiting for the perfect time in the Canberra market.
"Prices might soften, but equally we might seen interest rate cuts as soon as the beginning of next year and suddenly things starting getting really hot again," Ms Tindall said.
"Put your efforts into things that you can control like finding [a place you will enjoy living]."
'No other way forward'
The ability to put down smaller deposits is welcomed by many first-home owners, who otherwise may not have an alternate means into the market, Nicole Brophy, a mortgage broker at Trilogy Funding, said.
"Given the cost of rent and the cost of living, so many [first home owners] at the moment are not seeing any other way forward than putting down a small deposit.
"Very, very rarely do I see first home buyers coming in with more than $50,000 available for a deposit," she said.
The majority of Ms Brophy's clients with a small deposit used Housing Australia's first home guarantee scheme instead of lender's mortgage insurance to secure their properties.
Location matters
Buyers hoping to secure a relatively cheap investment property should be cautious of suburbs vacancy rates, Ms Tindall said, as this could backfire when trying to find tenants.
Gungahlin vacancy rates were sitting around five per cent at the time of reporting, so it may not be the best location for investors.
In neighbouring Belconnen, the market was much tighter.
"If you have a medium or long-term goal of rental your property out, it is important to understand [vacancy rates] for buying in a particular area," Ms Tindall said.
"There is a fear a lot of people have that the property market mat go through another boom, so for those who are only able to save $50,000, the property market would become too fair out of reach," she said.
