New Home Buyer's Deposit Delay
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New Home Buyer’s Deposit Delay

First home buyers could need up to 15 years to save for a deposit.

By Terry Christodoulou
Tue, Oct 12, 2021Grey Clock 2 min

With property prices rising across the country, first home buyers could need as long as 15 years to save for a 20% deposit to afford a house in their preferred suburb according to mortgage brokerage firm True Savings.

The issue of saving for a deposit could be compounded by the Australian Prudential Regulation Authority’s lifting of the interest rate buffer to 3%.

Evidently, home buyers with average income and low savings would take the longest to save the required deposit, but that doesn’t mean that high-income earners are out of the woods.

For example, aspiring homeowners in Bondi Beach, in Sydney’s eastern suburbs, need almost 14 years to save a 20% deposit based on an annual income of $85,292 per year – the average income for a typical buyer in the area.

Out in Sydney’s west, home buyers in Horsely Park earning an average income of $72,033 a year would take 13.6 years.

The issue isn’t limited to Sydney with buyers needing to save for 10.5 years in Melbourne’s Southbank, 9.9 years in Prahran and 9.4% in Parkville.

First-home buyers in Hope Valley, Adelaide and Rosetta in Hobart need 15 years or more to save the deposit – the longest across the country.

True Savings took into account the average prices of houses in varying postcodes, the average savings of homebuyers as of September, their weekly income as well as the amount of disposable income they have each month.

“New home buyers are facing huge challenges right now; 15 years is a long time to be saving for a 20% deposit,” said Pete Steel, founder and chief executive of True Savings.

While APRA’s move will make it even tougher for buyers to break into the housing market according to Mr Steel.

“The higher buffer rate will reduce their borrowing capacity, so they need to save for longer to afford a higher amount,” he said.

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The waterfront residence is one of Port Stephens’ finest homes.

By Kanebridge News
Fri, Aug 12, 2022 2 min

In the coastal township of Salamander Bay — nearby to Port Stephens — comes a unique home crafted to take full advantage of unbroken ocean vistas across three levels.

With one-of-a-kind flair, the stunning 5-bedroom, 3-bathroom, 3-car garage home of 52 Randall Drive Salamander Bay is nestled on a private 577sqm plot, optimised through intelligent design to take advantage of the Port Stephens landscape and lifestyle.

Within the home sees the typically coastal textures of natural oak floor and timber feature walls take hold while stone and tiled adornments add layers of luxury.

The open plan living, kitchen and dining areas incorporate a fireplace and near floor-to-ceiling glass that opens to create a seamless indoor-to-outdoor dining and entertaining space on the home’s top floor.

The heart of this area is the kitchen, centred around a marble-topped island, state-of-the-art European appliances and an attached bar area, with built-in refrigeration, accompanied by a butler’s pantry.

Also here comes a grand outdoor spa, central to the balcony, while another outdoor entertaining area with a pizza oven is found on the middle floor.

Downstairs once again comes a second living space replete with the perfect wine cellar — cooled by the natural rock foundation of the home — offering an array of entertaining options

Of the home’s accommodation comes a private and luxurious master retreat with expansive ocean views, a walk-in wardrobe and an ensuite, here, speckled with grey terrazzo tiling and timber joinery vanities.  A further four bedrooms are found throughout the home along with two family bathrooms rounding out the offering.

Less than a five-minute walk from nearby amenities of shops, restaurants, cafes and beaches the home offers the best of the Port Stephens area.

The listing is with PRD Port Stephens’ Dane Queenan (+61 412 351 819) and Erin Sharp (+61 499 912 311) and is heading to auction; prd.com.au