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Saving for deposit in Sydney? Good luck!

19/07/2010

There are 26 LGAs where it would take the average first time buyer couple more than 10 years to save the deposit for the median house. All of these are located in Perth, Sydney or Melbourne. The most expensive area is Peppermint Grove in Perth, where it would take a first time buyer couple 42 years to save a 20% deposit.

This was followed by Mosman (24.2 years) in Sydney and Woollahra (21.9 years) in Sydney. Nationwide, it would take the typical first time buyer couple at least six years to save the median house deposit in 14% of LGAs (75 of 544), compared to 11% of LGAs a year ago (58 out of 544) and 11% of LGAs (59 out of 544) five years ago.

Source: Bankwest



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