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Saving a deposit for a unit takes four years

12/07/2010

It takes 4.0 years for a first time buyer couple to save a unit deposit. By capital city first time buyers need to save for the longest in Melbourne (4.3 years) and Sydney (4.2 years). It would take an extra two years to save a house vs a unit deposit in Sydney.

A first time buyer couple planning to purchase the median priced unit in Australia would need to save 20% of their combined income for 4.0 years to raise a 20% deposit ($76,900). A year ago it would take first time buyers 3.2 years to save a deposit for a unit.

Source: Bankwest



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