First Time Buyer Deposit Report 2016

financial indicator series

21 December 2016

The Bankwest First Time Buyers Deposit Report 2016 reveals Australian first time buyer couples will have to save for an average 4.4 years to accumulate the the $103,600 needed for a 20 per cent house deposit on a median priced home. This is two months longer than in 2015 (4.2 years) and a $3,900 increase on the $99,700 deposit required last year.

Sydney is still the toughest market for first time buyers, with couples needing to save for an average of 8.4 years in order to put down a $214,600 needed for a 20 per cent deposit on their first house (up from 7.9 years in 2015).

Peppermint Grove in Perth is the local government area (LGA) with the longest savings time in the nation, where it takes 19.7 years for a couple to save the $686,300 needed for a 20 per cent deposit on a median priced house.

Bankwest's First Time Buyers Deposit Report 2015 reveals where it will take first home buyer couples the longest and shortest saving times to gather 20 per cent house deposits.

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