It Will Take Almost Eight Years To Save For A House Deposit In Sydney
Home buyers are reportedly having a difficult time saving for their dream house. Accordingly, it will take almost eight years for first time home buyers in Sydney, six years for those seeking abode in Melbourne and about four years for those choosing Brisbane to be able to save about 20 percent deposit for the average price of house.
On a national basis, it will take an average of about 4.2 years for couples to be able to accumulate at least $100,000 that is needed for a 20 percent deposit on an average house this year. This figure is slightly higher compared to the 4.1 years in 2014. Bankwest maps the number of years that first time buyers who are aged 25 to 35 years will take the time in saving the 20 percent deposit on median unit housing. If you want to buy a property in the capital cities, it will take for couples a longer time to save with the average length estimated at about 4.4 years in 2014 and then 4.5 years this year.
The first time home buyers in Sydney are facing the longest haul as it would usually take them 7.9 years in saving up to $200,000 which is needed for an initial deposit of 20 percent on the prices in the city. IT will take at least 5 years to save $136,000 for couples who want to stay in Melbourne while it will take 4.1 years for those who want to own properties in Brisbane for a $96,000 deposit. In Perth however, it will only take average people 3.8 years to save $102,000 deposit for a house in the city. Perth renovation companies are likewise experiencing a surge of revenue because of the affordability of housing in the area. The executive general manager for retail of Bankwest added that conditions are quite tougher now for first time buyers because of a unique level of growth in the national prices for houses in the country. He said that the median house value grew by about 6.3 percent which is nearly $500,000. This amount is up by $31,000 from 2014 and it has far outstripped the wage growth.