A newspaper has an article about the problems facing potential house buyers in Australia:
Singles on an average income have no hope of quickly saving a deposit to buy their first home, particularly in Sydney.
Getting a deposit together quickly is probably unrealistic even for couples where both partners earn the average wage, unless their parents can help out with the deposit or act as a guarantor on the home loan, said Canstar finance editor Justine Davies.
“The percentage of salary that would need to be set aside to get into the housing market quickly is very unrealistic for most people.
“You might be able to do the hard yards for a couple of years and get a five to 10 per cent deposit but to try and to do that to achieve a 20 per cent deposit I think for most people is going to be unrealistic,” she said.
A Sydney couple on average wages would have to set aside 41 per cent of their net income to get a 5 per cent deposit together in a year, research from Canstar shows. Read more »