Money How long does it take to save a house deposit in every city in Australia

13:38  06 december  2017
13:38  06 december  2017 Source:   MSN

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How long does it take to save a house deposit in every city in Australia . The data — sourced from the Australian Bureau of Statistics, the census and property monitoring form CoreLogic, and compiled by Bankwest — tells a tale of two cities , with Perth now the most affordable mainland state

New data reveals just how long it takes you to save for a home in every area across Australia from the good, to the bad and the very ugly.

Aerial image of a town.© AAP Aerial image of a town. New data reveals just how long it takes you to save for a home in every area across Australia — from the good, to the bad and the very ugly.

The stark contrast between Australia's east and west coast housing markets has been laid bare in new data which reveals it now takes Sydney first-home buyers twice as long to save a 20 per cent deposit for a median-priced home than punters in the post-mining boom city of Perth.

The data is sourced from the Australian Bureau of Statistics, the census and property monitoring form CoreLogic, and compiled by Bankwest.

The figures used in the study, compiled for every Local Government Area (LGA) in Australia, have been calculated based on ABS income data of the average combined salary for two people aged between 25-34, saving 20 per cent of their pre-tax income in a high-interest savings account.

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1. How long do you think it takes for the average single person in England to save for a deposit to buy a house ? Two years.

According to our calculations, it will take Sydneysiders around 11 years to save for a 10% house deposit , and Melbournians close to 8. Yes, it ’s a long time, but it ’s not impossible. City Median House Price Deposit Required (10%) Expected Time to Save Deposit (Years) Sydney ,020,000 2,000

The study tells a tale of two cities, with Perth now the most affordable mainland state capital, taking just 3.9 years for first-home buyers to save a deposit.

It is a far different story in Sydney, where buyers require 8.2 years to save a deposit — well above the national average of 4.6 years.

  How long does it take to save a house deposit in every city in Australia Just five years ago the situation was the reverse.

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Deposits grow with house prices. The analysis of the single biggest cost facing first-time buyers shows how long it takes those on the average salary, as defined by the Australian Bureau of Statistics, to save for a 10% or 20% deposit , assuming the couple or individual put away 20% of their income.

Sellers bemused as Amazon Australia works to fix launch ‘issues’. War on Waste’s Craig Reucassel reveals how the show has changed Australia 4. Canberra. Average house price: 5,000 20 per cent deposit : 7,000 Monthly saving amount: 5 How long it will take to save : 9 years, 2 months.

Perth property prices were booming, fuelled by the state's mining industry.

But since the sector stalled in 2012 values have been in decline, falling a further 4.3 per cent over the past financial year alone while Sydney prices have jumped 11 per cent.

Sydney dips but still out of reach for most

  How long does it take to save a house deposit in every city in Australia

New South Wales is home to eight of the nation's top 10 LGAs where it takes a first-home buyer couple the longest time to save.

a man and a woman smiling for the camera© Provided by ABC Business

Sydney buyers need on average 8.2 years to save the $215,133 deposit required to purchase a median-priced house, three years longer than the national capital city average of 4.9 years.

  How long does it take to save a house deposit in every city in Australia

When regional areas are included, the average saving time reduces to six years.

New South Wales boasts the lowest proportion of first-home buyers, who account for just 8.1 per cent of total sales.

Perth most accessible mainland state capital

  How long does it take to save a house deposit in every city in Australia

Across the country in Perth, more than a fifth of total buyers in the 2016/17 financial year were purchasing their first home, fuelled by falling house prices.

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The average first homebuyer in Australia needs to save more than 0 per month for almost 11 years in order to afford a deposit , new figures show. The analysis by comparison website Mozo found that people in Sydney face the most daunting task of all capital cities

Are you saving for a big purchase such as a house deposit , car or holiday? Find out how long it will take you to achieve that goal by reading this article.

It now takes around 3.9 years to save the $103,046 deposit for a median-priced home, one year less than the national average.

  How long does it take to save a house deposit in every city in Australia

When the entire State is taken into account, the saving time falls to 3.6 years.

Despite a post-boom economy in decline, Perth retains the title of the most unaffordable LGA — Peppermint Grove — where it would take 21.2 years to save a deposit of $673,000.

Melbourne closing gap on top spot

  How long does it take to save a house deposit in every city in Australia

Melbourne remains the second-most expensive property market in the country, but is rapidly gaining ground on its northern neighbour with prices rising 14.2 per cent during the 2016/17 financial year.

First-home buyers looking in the city need to save for 6.4 years to amass the $153,008 deposit for a median-priced property, an increase of eight months on last year.

  How long does it take to save a house deposit in every city in Australia

Despite strong prices and weak wages growth, the introduction of stamp duty concessions on properties up to $750,000 boosted the first-home buyer market, recording a 3 per cent rise in buyers for the year to August 2017.

Brisbane boasts big buyer bounce

  How long does it take to save a house deposit in every city in Australia

Queensland's market has remained relatively stable but has recorded a massive 11.2 per cent jump in first-home buyer purchases, driven by the extension of a $20,000 grant for new homes until the end of the year.

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And on the topic of buying a property, here's some cheery news: SpareRoom have worked out how long it 'll take people to save enough for a deposit on a house based on average salaries and savings levels, and TBH we may as well all give up now.

Deposits grow with house prices. The analysis of the single biggest cost facing first-time buyers shows how long it takes those on the average salary, as defined by the Australian Bureau of Statistics, to save for a 10% or 20% deposit , assuming the couple or individual put away 20% of their income.

Brisbane buyers take on average 4.5 years to save the $105,950 deposit for a median-priced property, largely in line with last year's figures.

  How long does it take to save a house deposit in every city in Australia

The holiday town of Noosa trumped Queensland's State capital, reporting a 13.6 per cent rise in house prices during the period.

Adelaide bargains, but where are the buyers?

  How long does it take to save a house deposit in every city in Australia

It takes just over $90,000 to lay down a 20 per cent deposit on a house in Adelaide, the lowest of any mainland state, but only one in every 10 properties are sold to first-home buyers.

That is driven by the state being home to the oldest population demographic after Tasmania, and the fact people aged between 25-34 have the second-lowest average wages in the country of just $51,629.

  How long does it take to save a house deposit in every city in Australia

Adelaide first-home buyer couples require 4.2 years to save the $90,665 deposit on a median-priced property, a figure largely unchanged from last year.

Hobart still the country's cheapest market

Just under $78,000 will secure you a 20 per cent deposit on a house in Hobart, while a little over $60,000 will be enough to help you buy outside of the city.

Prices in Hobart rose 8.6 per cent over the period, but the average saving time of 3.8 years to save the $77,812 deposit remains the lowest of the state capitals.

Mining bust lets in first-home buyers

Perth couple Dirk Black and Isabelle Southern have been putting money away since finishing university.

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There are no shortcuts to saving a house deposit .Source:Supplied. But the important part, Mr Heaven stressed, is the discipline to put that amount aside each month. If you decide to take a ,000 overseas holiday, then you set yourself back four months. So how can it be done ?

Register now for. NetBank - Australia 's #1 online bank. Our CommBank app. Ideally, you’ll want to save at least 20% of the purchase price of the property you’re interested in as your deposit . You can use our Savings Calculator to find out how long it will take you to reach your goal.

"[We started saving] once I had stable work, not necessarily with the intention of buying a house, but making sure I had some sort of savings together," Mr Black said.

Four years on, and at just 26 years of age, they pooled their funds to snag their first property five kilometres east of Perth's CBD, taking full advantage of Perth's plummeting house prices.

"I think [the market] definitely had a positive influence. I guess it pushed us to act a little bit quicker rather than wait another 12 months [or] a year and a half down the track," Mr Black said.

"It took roughly four years because we pooled our funds together," he said.

"I went back to uni and then I got a part-time job last year, so that's when I was putting more aside. We're not really big spenders so that's helped," Isabelle Southern said.

More than 20 per cent of total purchases in Western Australia were made by first-home buyers during the past financial year, while in New South Wales they only accounted for just 8.1 per cent.

"Across the country we're seeing very different markets and across the 421 local government [areas] we're seeing very different markets," Bankwest general manager of personal and small business banking, Donna Dalby, said."

"The accessibility for first-time buyers to get into the market varies greatly."

"Western Australia, or Perth in terms of capital cities, is one of the most accessible markets.

"Some of the reasons for that is that house prices have fallen in the Perth market … we're coming out the other side of the boom, we're in the production phase of the mining boom which isn't as labour-intensive."

Couple forms mini-syndicate to enter market

Alistair and Penelope Clifton are part of the small minority in Sydney making their first purchase, but to get into the market they were forced to team up with family.

"We formed our little syndicate with the two of us and my young brother," Mr Clifton said.

"I consulted Tom — my younger brother — and said, 'Are you keen to buy a property?'

"He was keen and it made it feasible for us if there's three people paying off a mortgage rather than two."

They chose to buy an investment property first with the plan of eventually using the property's capital growth to purchase their own home.

"We will get to a point where … we're renting no more, but I can't see us buying a home in the next 10 years," he said.

"That's why we bought this investment property and hopefully we might be able to buy another one in the next 10 years and then maybe sell them.

"Then we both split up and and then we might be able to have the money to buy our own house."

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