Tuesday, May 26, 2009

4.3 years to save a deposit for Perth Homes

When you take the average income of a 25-34 year old and the median house price in the region, you come up with a calculation about how long it would take someone to save up a deposit on a home. Its not an exact science but a Bankwest research paper released today found that it would take a West Australian couple 4.3 years to save up for a deposit on a home. For the average single West Australian, it would take 6.5 years to save up for a unit deposit.

Fancy a house in Peppermint Grove? That will take a couple over 40 years to save for the deposit, assuming that they put aside 20% of their income to save for a deposit. This is the most expensive place in Australia to start a new house together.

The national average for a couple  is 3.7 years. Sydney was the most expensive city for a couple to save for a first deposit on a home, taking 5.2 years, with Melbourne requiring a slug of 4.7 years.

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