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New report reveals time needed to save for a house deposit in Sydney

The property market isn’t all doom and gloom, with a new report from Domain finding that first-home buyers are in a much better position to buy in Australia’s most expensive cities than they were a year ago.

The Domain First-Home Buyer Report for March 2019 analysed entry-level property prices in the most affordable areas of Australia’s capital cities, to identify how long it would take to save for a 20 per cent home deposit.

Surprise, surprise, the Sydney property market is the toughest to break into in the country, however it takes 5 months less to save for a deposit now than it did this time last year.

The report found it takes 6 years and 2 months to save for a deposit on an average $650,000 entry-level house in greater Sydney, or five years and four months on an entry-level unit.

It also found that of all the capitals, Sydney had the smallest gap between saving for a house or a unit.

Own a home faster away from Sydney CBD

If you don’t want to wait over six years to buy a home then your best bet is to move further away from Sydney’s CBD.

Figures from the report found that first-home buyers can break into the market much quicker in the Central Coast, Outer South West and Outer West.

The fastest places to save for a house deposit in the city include Wyong at four years and six months, Mount Druitt at five years, Campbelltown at 5 years and 1 month, and St Marys at 5 years and 4 months.

The full report can be viewed at – www.domain.com.au/research/domain-first-home-buyers-report-march-2019.

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