How many years it will take to save enough deposit for a property? Based on an article published on domain.com.au, it really depends on the deposit needed, for example, “The comparison between the time taken to save a 20 per cent and a 5 per cent deposit is pretty stark.”
If the deposit needed drops from the current 20% to 5%, across Sydney, the time to save for houses fell by more than a decade in nine council areas, with the biggest drop-off in Mosman where it would take five years and eight months, down from 21 years and 10 months. The most affordable houses, in the Central Coast and Campbelltown, would need 14 months of saving.
Meanwhile Woollahra apartments, the most expensive in the city, would take two years and two months of saving, down from eight and a half years. Across the city’s seven most affordable council areas, including Canterbury Bankstown and Liverpool, it would take one year or less to save.
| HOUSES | UNITS | |||||
| Source: Domain. Time to save calculated as an average dual-income household buying in the 25th percentile of the market. Prices for the six months to the March quarter. | ||||||
| LGA | Entry price | Months to save 20% | Months to save 5% | Entry price | Months to save 20% | Months to save 5% |
| Bayside | $880,000 | 100 | 25 | $593,000 | 68 | 17 |
| Blacktown | $605,000 | 69 | 17 | $421,500 | 48 | 12 |
| Blue Mountains | $570,000 | 65 | 16 | * | * | * |
| Burwood | $1,180,000 | 133 | 34 | $615,000 | 70 | 17 |
| Camden | $649,000 | 74 | 18 | * | * | * |
| Campbelltown | $505,000 | 58 | 14 | $395,000 | 45 | 11 |
| Canada Bay | $1,355,000 | 152 | 39 | $721,000 | 82 | 20 |
| Canterbury-Bankstown | $750,500 | 85 | 21 | $425,000 | 49 | 12 |
| Central Coast | $501,000 | 57 | 14 | $387,000 | 44 | 11 |
| Cumberland | $691,328 | 79 | 20 | $450,000 | 51 | 13 |
| Fairfield | $650,000 | 74 | 18 | $370,000 | 42 | 10 |
| Georges River | $930,000 | 105 | 26 | $565,000 | 64 | 16 |
| Hawkesbury | $580,000 | 66 | 16 | * | * | * |
| Hornsby | $1,050,000 | 119 | 30 | $572,000 | 65 | 16 |
| Hunters Hill | $1,750,000 | 194 | 50 | * | * | * |
| Inner West | $1,155,000 | 130 | 33 | $595,000 | 68 | 17 |
| Ku-Ring-Gai | $1,565,000 | 175 | 45 | $728,000 | 83 | 21 |
| Lane Cove | $1,672,000 | 186 | 48 | $640,000 | 73 | 18 |
| Liverpool | $660,000 | 75 | 19 | $370,000 | 42 | 10 |
| Mosman | $2,400,000 | 262 | 68 | $737,200 | 84 | 21 |
| North Sydney | $1,500,000 | 168 | 43 | $760,000 | 86 | 22 |
| Northern Beaches | $1,340,747 | 150 | 38 | $705,000 | 80 | 20 |
| Parramatta | $850,000 | 96 | 24 | $520,000 | 59 | 15 |
| Penrith | $567,000 | 65 | 16 | $350,000 | 40 | 10 |
| Randwick | $1,615,000 | 180 | 46 | $750,000 | 85 | 21 |
| Ryde | $1,080,000 | 122 | 31 | $565,000 | 64 | 16 |
| Strathfield | $1,150,000 | 130 | 33 | $550,000 | 63 | 15 |
| Sutherland Shire | $872,500 | 99 | 25 | $586,000 | 67 | 17 |
| Sydney | $1,191,000 | 134 | 34 | $655,000 | 75 | 19 |
| The Hills Shire | $960,000 | 109 | 27 | $650,000 | 74 | 18 |
| Waverley | $2,077,500 | 229 | 59 | $805,000 | 91 | 23 |
| Willoughby | $1,700,000 | 189 | 49 | $760,000 | 86 | 22 |
| Wollondilly | $565,000 | 64 | 16 | * | * | * |
| Woollahra | $2,200,000 | 242 | 63 | $900,000 | 102 | 26 |
Across Melbourne, it would take a couple three years and five months to save for a house in the Boroondara local government area, down from the 13 years and four months needed to save a 20 per cent deposit. Buyers in Melton and Wyndham would spend the least time saving at 13 and 15 months, respectively.
For apartment hunters, a year saving would be enough to buy into more than half of greater Melbourne’s council areas. The most affordable was Greater Dandenong at nine months of saving, while Bayside units, the most expensive, would take a couple 17 months to save for.
| HOUSES | UNITS | |||||
| Source: Domain. Time to save calculated as an average dual-income household buying in the 25th percentile of the market. Prices for the six months to the March quarter. | ||||||
| LGA | Entry price | Months to save 20% | Months to save 5% | Entry price | Months to save 20% | Months to save 5% |
| Banyule | $690,500 | 83 | 20 | $425,000 | 51 | 13 |
| Bayside | $1,190,000 | 142 | 36 | $565,000 | 68 | 17 |
| Boroondara | $1,348,000 | 160 | 41 | $465,000 | 56 | 14 |
| Brimbank | $530,000 | 64 | 16 | $323,000 | 39 | 9 |
| Cardinia | $490,000 | 59 | 15 | * | * | * |
| Casey | $525,000 | 63 | 16 | $341,000 | 41 | 10 |
| Darebin | $650,000 | 78 | 19 | $380,000 | 46 | 11 |
| Frankston | $515,000 | 62 | 15 | $345,000 | 42 | 10 |
| Glen Eira | $970,000 | 116 | 29 | $415,000 | 50 | 12 |
| Greater Dandenong | $552,000 | 67 | 16 | $295,000 | 36 | 9 |
| Hobsons Bay | $635,000 | 77 | 19 | $392,000 | 47 | 12 |
| Hume | $500,000 | 60 | 15 | $360,000 | 44 | 11 |
| Kingston | $700,000 | 84 | 21 | $448,000 | 54 | 13 |
| Knox | $638,000 | 77 | 19 | $445,000 | 54 | 13 |
| Manningham | $937,500 | 112 | 28 | $455,000 | 55 | 14 |
| Maribyrnong | $675,000 | 81 | 20 | $360,000 | 44 | 11 |
| Maroondah | $632,000 | 76 | 19 | $440,000 | 53 | 13 |
| Melbourne | $640,000 | 77 | 19 | $380,000 | 46 | 11 |
| Melton | $430,000 | 52 | 13 | * | * | * |
| Monash | $830,000 | 100 | 25 | $460,000 | 56 | 14 |
| Moonee Valley | $750,000 | 90 | 23 | $370,000 | 45 | 11 |
| Moreland | $627,000 | 76 | 19 | $385,000 | 47 | 11 |
| Mornington Peninsula | $586,000 | 71 | 18 | $415,000 | 50 | 12 |
| Nillumbik | $731,000 | 88 | 22 | * | * | * |
| Port Phillip | $645,000 | 78 | 19 | $440,000 | 53 | 13 |
| Stonnington | $896,000 | 107 | 27 | $395,000 | 48 | 12 |
| Whitehorse | $826,000 | 99 | 25 | $425,000 | 51 | 13 |
| Whittlesea | $533,000 | 64 | 16 | $320,000 | 39 | 9 |
| Wyndham | $491,000 | 59 | 15 | $340,000 | 41 | 10 |
| Yarra | $873,000 | 105 | 26 | $422,000 | 51 | 13 |
| Yarra Ranges | $581,000 | 70 | 17 | * | * | * |