A new report from Bankwest has shown the average time it takes a first home buyer couple to save for a house deposit in NSW is 4.1 years.* This figure is a slight improvement on last year when it was 4.3 years. However this is substantially longer than five years ago, when it took first home buyers an average of 3.8 years to save a deposit to get into the property market.
Bankwest Senior Analyst, Tim Crawford said, “Over the past financial year there were 27,200 first home buyers across NSW which is 35% lower than the previous year.” The fact that first home buyers are taking longer to save for a deposit has directly impacted the number of new buyers entering the property market.
In regional NSW the time it takes to save a 20% deposit is substantially less at 2.5 years, which has increased modestly from five years ago when it took 2.4 years. If we compare this to our Sydney counterparts who on average need to save for 5.7 years to raise a 20% deposit.
The fact that first home buyers in regional areas like Wagga Wagga don’t need to save for as long before they can enter the property market, may see many Sydney first home buyers making a tree charge to get into their first home sooner.
*Based on a 25-34 year old couple saving 20% of their pre-tax income annually
A new report from Bankwest has shown the average time it takes a first home buyer couple to save for a house deposit in NSW is 4.1 years. * This figure is a slight improvement on last year when it was 4.3 years. However this is substantially longer than five years ago, when it took first home buyers an average of 3.8 years to save a deposit to get into the property market.
Bankwest Senior Analyst, Tim Crawford said, “Over the past financial year there were 27,200 first home buyers across NSW which is 35% lower than the previous year.” The fact that first home buyers are taking longer to save for a deposit has directly impacted on the number of new buyers entering the property market.
In regional NSW the time it takes to save a 20% deposit is substantially less at 2.5 years, which has increased modestly from five years ago when it took 2.4 years. If we compare this to our Sydney counterparts who on average need to save for 5.7 years to raise a 20% deposit.
The fact that first home buyers don’t need to save for as long before they can enter the property market may see many Sydney first home buyers making a tree charge to get into their first home sooner.
*Based on a 25-34 year old couple saving 20% of their pre-tax income annually
Fitzpatricks
Established in 1950 by the late Geoff Fitzpatrick. We strive for excellence in our field, we aim to provide the best real estate service to the people of Wagga Wagga, embracing the highest standards of expertise, professionalism and integrity.