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, 2021 11:40amGrey 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.


This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

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A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.


This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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