BankWest recently revealed a study showing that despite a 2.6% pay increase in 2014, First Home Buyers are still faced with the difficulty of purchasing property, as median house prices have increased by 7.1%.
BankWest also pointed out that low interest rates are not helping, as savings accounts are offering small returns, making it more difficult for home buyers to save up for deposit. Median house prices in the country sit at $469,000 this year, up from the previous year’s $438,000. The report shows that it now takes an average of 4.1 years to save up for the standard 20% deposit, up from the previous average at 3.9 years.
Read more about this on the Broker News website.