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

Latest Bankwest stats are in


Emma Charlton

5 December 2017

Emma Charlton

Article heading image for 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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