Buying an affordable house in Australia, particular for the first-time buyers is simple?
How long can it take for a couple or a single person to deposit the money for their first home? If we consider the couples, then possibly, they might take 2.8 years to gather their fund for the 10% deposit in Australian territory and when they firmly fix 20% deposit then they need to wait for 4.9 years.
Whereas, when we talk about a single person, then probably they would take 4.5 years to save for the first 10% deposit or 8.4 years to go for 20% deposit. These are the precise round figure and hopefully, the assumption regarding the price won't change.
The median property price is basically taken from CORE LOGIC RP data, from 1st march till the end of May 2016. The income levels and the median property price do vary; the cost of property in NSW and in the state is quite high.
The brainstorming analysis has shown that the biggest trouble for the first-time buyers is that they need to save about 20% from their average salary, defined by the Australian Bureau Statistics.
Apart from this the first time buyers also need to take care about the Stamp duty, which is another common cost.
I feel that the major problem is the pretty rapid house price growth that has emerged up from last 4years. So, if you are planning to afford a house in NSW, then you might need to wait for a little longer period as there no royal road to get it.
The singles earning average salary may take a longer period than the couple's deposit when compared. So, being a couple or with the group of people or with family can easily fulfill your dream to afford a house at the high pace.
So, you can see both the faces of the coin. Now, it's up to your wish that how you would make the adjustments for your dream nest.