South Aussies Are Taking Longer To Save For Their First Home Deposit

Latest Bankwest stats are in

South Aussies Are Taking Longer To Save For Their First Home Deposit

Saving for their first home is taking South Aussie buyers a little bit longer.

The latest research has found it takes young people 4.2 years in Adelaide to save an $80,000 deposit on a median priced house, and just under that state-wide.

That's the lowest of any mainland state but if you're after a unit, it'll only take about 3 years for a $66,000 deposit.

Donna Dalby at Bankwest says it's because "a prime first home buyer aged bracket have the second lowest wages nation-wide of about $51,500 in 2017".

While the national average time to save for a deposit is around half a decade.

But Sydney stats put it into perspective, buyers there need more than 8 years to come up with a 20% deposit.

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