•   
  •   

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.com

Home owner willing to accept Bitcoin as payment could make history

  Home owner willing to accept Bitcoin as payment could make history "It's something different, it’s never been done before."Robert Gadd has spent 18 months constructing the five-bedroom home in the foothills of the Dandenongs and has put it on the market.

The stark contrast between Australia 's housing markets is laid bare in new data that shows how long it takes to save for a deposit across the country, with a total reversal for first-home buyers in red-hot Sydney compared to post-mining boom Perth.

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

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.

Wildlife protester scales Parliament House

  Wildlife protester scales Parliament House A wildlife protester has scaled the roof of Parliament House in Melbourne’s CBD. The man, dressed in high-vis, has suspending himself above the building's front steps, holding a sign reading "Don't Fark the Kuark".Police and other demonstrators are gathered at the steps of parliament on Spring Street.A number of those involved in the rally, including a person in an owl costume, are toting signs protesting to save the Murray River.A wheelie bin full of wood chips has also been dumped on the footpath.

how long it 'll take people to save enough for a deposit on a house based on average salaries The research revealed that for people living outside of London, it 'll take an average of 25 years to Granted, the recent news in the Autumn Budget does make things a little easier for first-time buyers.

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.

Circular Quay home to new $1.5b office/retail project

  Circular Quay home to new $1.5b office/retail project Circular Quay will be home to a new $1.5 billion office/retail tower incorporating laneways, a revamped Jackson on George hotel, and public space following the lodgement of plans by Lendlease. ​It will be part of the multibillion-dollar upgrade of the precinct, which includes the $1 billion Wanda hotel and apartment development of the former Gold Fields House, which could be sold to a new developer, and AMP Capital's $1 billion Quay Quarter Sydney project at its 50 Bridge Street tower and 33 Alfred Street site.As well as rail and road developments, Sydney's ferry system is also being upgraded.

How did we calculate this? Because we can’t possibly accommodate for everyone’s specific situation, we used data from the 2016 Census to figure out the Our calculations also assumes that 15% of the net income is saved each year by an individual for a 10% house deposit . How can I save my house

1. How long do you think it takes for the average single person in England to save for a deposit to buy a house ? For this study, Liverpool Economics modelled how long it would take for someone in their twenties to save for a deposit worth 20% of an average house , based on current and projected

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.

Vidmar joins Melbourne City coaching staff

  Vidmar joins Melbourne City coaching staff Tony Vidmar says he is "delighted" to have the opportunity to work with Warren Joyce after he was appointed Melbourne City's senior assistant coach.Vidmar, who made 76 Socceroos appearances and played professionally in Europe for more than a decade, coached City youngsters Stefan Mauk and Daniel Arzani during his time in the junior national teams' set-up.

The Nationwide calculates how much needs to be saved and for how long to pay a deposit on a first home. "Renters deserve a stable home in return for their rent, but private tenancies simply do not offer this." Meanwhile, demand for mortgages remains relatively static, so lenders are still getting the

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 The study of savings for a deposit does include other common costs to first-time buyers such as stamp duty. The findings do not take into account rising

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.

Instagram finally lets you save Stories so people can enjoy them forever

  Instagram finally lets you save Stories so people can enjoy them forever Instagram today announced two new features which change its popular Stories for the better. The first new feature is a Story Archive. As it sounds, the archive lets you save your past Stories beyond their traditional 24-hour expiration date. This was one of the features spotted by our own Matt Navarra among other beta features.

Are you saving for a big purchase such as a house deposit , car or holiday? This article will help you understand how long it might take to achieve Perhaps you're saving for a dream holiday and want to be able to envisage laying on your sun lounger, sipping cocktails. Or maybe you have your mind set

Information on what it takes to find a job and how long an average job search lasts. However, there is little concrete research to support this assertion, and there are so many variables that impact the length of time it takes to find work that even a rough estimate is virtually useless when applied to any

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.

It looks like Australia's housing market slowdown is getting even slower

  It looks like Australia's housing market slowdown is getting even slower Australia's housing market slowdown looks like it's getting even slower. House price growth is stalling, growing by just 0.2% across the nation in the three months to November, and now auction clearance rates have fallen to yet another multi-year low. The regulator-enforced slowdown is showing few signs of reversing course. According to CoreLogic, a national clearance rate of 60.2% was achieved across the nation's capital cities last week, surpassing the previous cyclical low of 61.1% set one week earlier.It now sits at the lowest level in nearly two years. require(["inlineoutstreamAd", "c.

How long it takes a check to clear: Funds are typically available on the same business day as the deposit . If a hold is placed on the check, the first I deposited a check made out to me and capital one auto sign it the check came from northern trust bank how does it take to clear in my account.

time taken to save for a deposit . And, if you’re curious on how the cost of various other luxury items breaks down into housing deposits , then look no further So, on one hand, it is true every little bit counts. On the other, the time involved to actually save for a deposit in some cities is so long the

"[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."

Auction clearances in Sydney and Melbourne are about to hit fresh multi-year lows .
The temperature is rising outside, but Australia's housing market continues to cool. The temperature is rising outside, but Australia's housing market continues to cool.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!