Revealed – The markets where first home buyers can save most for a deposit

Because residential prices rose faster than wages in the past decade, it has increased the time first-home buyers must save for a 20% deposit.

According to Domain’s latest report, it now takes almost a year longer on average for couples aged between 25 and 34 to save for an entry-level house and three months longer for units.

According to the average income of first-time buyer couples, it would take approximately four years and five monthly to save 20% for a deposit on a house. For an apartment, it would take 3 years and 9 months and for a house, on average, it would take 3 years and 9 months.

Average saving time for an entry level home deposit is eight years, one month in Sydney, and three years, seven in Perth.

To buy a unit in Sydney, buyers will need to wait six months more to register and save for an apartment in Perth.

Domain chief of economics, Dr. Nicola Powell said it was more difficult than ever to save money for a deposit. This is because wages have not kept up the rise in property prices over 20+ years.

“First home buyers are facing a growing financial hurdle when it comes to saving a deposit, and this is becoming more daunting in the context of rising living costs, low wage growth, weak saving rates and the rapid rise in property prices,” she said.

In the last 20 year, the average annualized property growth has been 6.9% in capital cities. Regionals have experienced 7.1%. Annualized wage price growth is less than half of 3%.

The further the market is from capital cities, it is more affordable and takes longer to save for a deposit.

Kwinana, Perth, and Playford were the best places to stash money for an entry-house mortgage deposit. They also have access to the most market. For the 20% downpayment, the first home buyer will need just two years and seven months.

For units, first-home buyers can save the fastest in Brisbane’s Springwood-Kingston and Perth’s Bayswater-Bassendean.

These are the top five places where first-time buyers can save the biggest amount in the shortest time.

It takes the shortest amount of time to save money for a home market deposit

Sydney

• St. Marys (five and ten month)
• Mount Druitt (11 Months and 5 Years)
• Campbelltown (6 Years, 2 Months)
• Wyong (6 Years, 2 Months)
• Richmond-Windsor & Wollondilly (6 years, 7 months).

Melbourne

• Melton-Bacchus Marsh (four year and ten month).
• Wyndham (5 year old and 3 month)
• Tullamarine-Broadmeadows, (5 years and 4 months)
• Cardinia, 6 months and 5 year.
• Sunbury, (5-6 months)

Brisbane

• Ipswich Hinterland (three years, one month)
• Springwood Kingston (3 year, 4 months)
• Ipswich Inner (3 year olds and 5 months)
• Beaudesert (3 years and 6 months)
• Caboolture Hinterland (3 year and 10 month)

Perth

• Kwinana (2 Years and 7 Months)
• Armadale (2 Years and 8 months)
• Mandurah, (3 years)
• Gosnells (3 years, 1 month)
• Rockingham (3 Years and 2 Months)

Adelaide

• Playford, (2 years and 7 months)
• Gawler- Two Wells, (3 & 4 Months).
• Salisbury (3 Years and 8 Months).
• Onkaparinga (four years and two months)
• Adelaide Hills (4 years, 3 mois)

Canberra

• Belconnen (6 Years and 4 Monthlys).
• Gungahlin (six-year-old and five-months).
• Tuggeranong 6 years old and 6 months
• Molonglo (6 and 9 months)
• Weston Creek, (7 years and 8 month)

Darwin

• Palmerston (3 Years and 10 Monthlys)
• Litchfield (four years and two months)
• Darwin Suburbs (4 year olds and 4 mois).
• Darwin City (4 Years and 11 Months)

Tasmania

• Brighton, (4 years)
• Hobart-North West (5 years and 2 months).
• Sorell – Dodges Ferry (5 year old and 6 month)
• Hobart-North East, (5 years and 10 months).
• Hobart-South & West (7 year and 4 mois).

These unit markets will allow you to save the longest time on a deposit

Sydney

• St. Marys (3-year-olds and 1 year olds)
• Mount Druitt (3 Year and 2 Months).
• Fairfield (3 years, 3 months)
• Liverpool (3 years and 8 months)
• Wyong Penrith (3-year and 9-month)

Melbourne

• Melton-Bacchus Marsh (3 years, 3 months)
• Dandenong (3 and 4 Months).
• Brimbank, (3 Year and 6 Months).
• Wyndham (3 years and 7 months).
• Melbourne City (3 Years and 7 months).

Brisbane

• Springwood Kingston (1 year, 9 months)
• Ipswich Inner, (2 Years)
• Beenleigh (2 years, 2 mois).
• Caboolture (2 year, 3 month).
• Loganlea-Carbrook (2 years, 4 months).

Perth

• Bayswater-Bassendean, (1 year and 10 months)
• Mandurah (2 Years and 2 Mo)
• Rockingham, (2 years and 2 months).
• Gosnells (3 years and 3 months)
• Swan, Perth City (two and a half years and four months).

Adelaide

• Salisbury (2 Years, 3 Months)
• West Torrens (2 years, 6 months).
• Port Adelaide-West (two and seven months).
• Port Adelaide-East (2 year and 7 months)
• Mitcham (2 Years and 7 Moths).

Canberra

• Belconnen (3 year old and 2 months)
• Woden Valley (3 Years, 3 Months)
• Gungahlin (3 year old and 4 mois).
• Molonglo (3 and 9 months)
• North Canberra, (3 years and 9 months).