First time home buyers in South Australia should count their lucky stars – on average, they need the lowest deposit in the country and can save for their property in the shortest time.
According to the recent First Time Buyers Report from Bankwest, South Australia’s first time buyers (per couple) need $80,985 to buy a median priced house which should take about 3.8 years to save for, well below the national average of 4.6 years.
Bankwest personal and small business banking general manager Donna Dalby said SA’s first time buyers were not as active as others around the country.
“A potential reason for such low first time buyer presence in the South Australian market is the fact that the people between 25-34 years old – a prime first time buyer age bracket - have the second lowest wages nationwide of just $51,629 in 2017,” she said.
“Additionally, SA has the oldest population demographics in the country after Tasmania.”
In South Australia the cheapest place for a deposit on a property is the Southern Mallee, which averages just $23,790, and which should only take about 14 months to save per couple.
- Other South Australian local government areas median time for deposit totals include:
- Victor Harbor – 4.2 years saving with first home buyer couple earning $86,576 per year.
- The Coorong – 2.2 years, $85,940 per year
- Southern Mallee – 1.2 years, $101,979 per year
- Murray Bridge – 2.8 years, $85, 636 per year
- Mid Murray – 2.6 years, $91, 213 per year
- Karoonda East Murray – 2.5 years, $83, 214 per year
- Barossa – 3.3 years, $106, 980 per year
- Adelaide Hills – 5 years, $114, 235 per year
- Tatiara – 1.8 years, $93, 452 per year
The State Government’s HomeStart Finance can also help first home buyers get into a property at a quicker pace.
If eligible, buyers can try for a HomeStart loan which can use as little as 5 per cent deposit for a home or unit, or there is a Graduates Loan and a Low Deposit Loan for which people could also be eligible.