PAROO SHIRE is the cheapest in the state for breaking into the housing market, a report has claimed. The Bankwest first-time buyers deposit report said it would take a couple just six months to save enough for a 20% deposit on an average house costing $42,500.
Murweh shire is the sixth cheapest local government area, just after Tambo-Blackall, while Quilpie is ranked seventh. Based on research by CoreData for the Bankwest, a subsidiary of the Commonwealth bank, the figures are based on average local incomes and house prices.
The report found the median house price in Paroo fell by $30,000 in 2016 to $42,500, making it the easiest property market for first-time-buyer couples to enter, with only $8,500 required for a 20% deposit. The shire runs to four towns, with Cunnamulla, Eulo, Wyandra and opal mining settlement Yowah.
That compares with four years for a couple to raise a $92,800 deposit for a
median-priced house in Qld and 4.3 years in Brisbane for a deposit on a house costing $509,000. It now takes the average Sydney FTB couple 8.4 years to save a $214,600 deposit on an average house costing a little more than $1 million.
The eighth annual Bankwest first-time-buyer deposit report quantifies how long it would take couples to save a 20% deposit based on local incomes and local house prices, and the level of the first home owners grants, where available. Data has been sourced from the Australian bureau of statistics, 2011 census, the ABS wage price index, the Australian reserve bank and Residex.