It would take the average first homebuyer couple more than 25 years to save for a house in the prestige suburb of Peppermint Grove in Perth.
According the third annual Bankwest First Time Buyer Deposit Report, the local government area of Peppermint Grove is the most expensive area in Australia for FHBs, with them having to save $764,900 for a 20 per cent deposit.
The next most expensive LGAs are in Sydney, with Mosman on the north shore coming in at 17.6 years to save a deposit
of $485,900, with Woollahra in the city’s east at 15.9 years to save $425,700.
WA’s Cottesloe and Nedlands round out the top five, while Sydney’s Hunters Hill, and Waverley take no.6 and no.7, with Perth’s Claremont in seventh place.
The only Melbourne LGA to come into the top 10 is Stonnington and no.9, while North Sydney takes out the top 10.
On the flipside, it would take less than one year to save for a deposit in the LGA of Brewarrina in north-western NSW. A FHB couple would take 0.2 years to save the $3,500 required for 20 per cent deposit.
The second most expensive area for FHB’s is in central WA at Mount Magnet, taking 0.4 years to save $7,200 and is followed by the Central Darling LGA in NSW with 0.5 years to save $7,500 deposit.
Queensland’s Paroo comes in at no.4, while WA’s Dundas, NSW’s Urana and Queensland’s Quilpie are next.
Position’s 8, 9 and 10 are rounded out by WA’s Leonora, Queensland’s Flinders and NSW’s Bourke.
NOTE: The third annual Bankwest First Time Buyer Deposit Report tracks the time it would take for ﬁrst time buyers to save a deposit in 544 local government areas (LGAs) across Australia over the ﬁve years to June 2011. The report quantiﬁ es how long it would take a ﬁrst time buyer to save
a 20% deposit based on local incomes and local house prices and the level of the First Home Owners Grant and state government support. Data has been sourced from the Australian Bureau of Statistics (ABS) census, the ABS Wage Price Index and Residex. Deposit savings times have been calculated on the basis of a ﬁrst time buyer couple setting aside 20% of their combined pre-tax income annually. The calculation assumes the savings are deposited into an online savings account each month and earn interest on this basis.