Ray White Emms Mooney sales specialist Mark Sullivan said property prices in Bathurst are sufficiently low to allow for people in the 18-35 age bracket to purchase their own home. 

“Prices in Bathurst are very reasonable,” he said.  “For example, you can still purchase a home within walking distance of the CBD for $330,000.” 

He said there is a common misconception that at least a 10 per cent deposit is required before buyers can even think about purchasing a property.

However, Mr Sullivan has found that there are many vendors who are quite happy to accept a five per cent deposit.

Using $330,000 as an example, that makes the required deposit just $16,500.

Lower deposits all come down to the amount a lending agent is willing to accept and what the vendor will take, which can often be found out by simply asking the property agent to make an inquiry. 

Mr Sullivan said getting a loan is a lot easier now as well. He said there are more options available than just applying through a major bank. 

“In Bathurst we are lucky because we have two really good mortgage brokers,” he said.

“Outside of that, there is a much bigger intake of people moving away from the major banks to Reliance Credit Union, The Greater and Newcastle Permanent

“Usually the applicant has advice within 24 to 48 hours. They are getting back to them quicker than major banks at the moment.”

Mr Sullivan suggests young people looking to buy should shop around for the best finance. They can also take advantage of the First Home Buyers Grant and stamp duty exemptions, using the Office of State Revenue website for assistance.

Buyers also need to take into account additional costs that come with buying a property, many of which are completely overlooked in a budget.

Mr Sullivan said these include the cost of repayments, stamp duty and council rates.​