Darwin the quickest capital in Australia to save a 20 per cent home deposit

It takes less time for home buyers in Darwin to save a 20 per cent deposit than any other capital city in Australia, according to data.

IT takes less time for home buyers in Darwin to save a 20 per cent deposit than any other capital city in Australia, according to new data.

CoreLogic’s Property Pulse found, based on September 2020 data, it takes 5.3 years in Darwin to save a 20 per cent deposit to buy a home, the lowest rate of any capital city.

Darwin was followed by Perth at 6.6 years and the Australian Capital Territory at 7.2 years.

Sydney topped the charts with 11.4 years, followed by Melbourne at 9.8 years and Hobart at 8.4 years.

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Nationally it would take the typical Australian household 8.6 years to save, and for the remainder of the Northern Territory an average six years.

However, CoreLogic Research director Tim Lawless said these figures overall would have increased due to a lift in national housing values in recent months.

CoreLogic Head of Research Australia Eliza Owen said that since February 2020, Darwin dwelling values had increased 16.5 per cent through to March 2021, the fastest growth rate among the capital cities.

“This leaves values 21.6 per cent below the record high, and shows the Darwin dwelling market firmly in a recovery trend,” she said.

Real Estate Institute of the Northern Territory chief executive Quentin Kilian said while the amount of time to save a deposit would increase in Darwin, this growth would be gradual in comparison to other cities.

“We’re starting from a lower bar,” he said.

“We don’t have the capacity to grow as quickly as other cities, so it means we’re ging to have a continual increase but it won’t be as rapid as for Sydney or Melbourne.

“It’s a great thing for people looking to get into the market but I wouldn’t sit on the fence for too long.

“Go to your broker and get pre-approved for what you can buy.

“Don’t just sit around thinking about it. If you’re in the right place to buy, go start approaching agents and going to open homes.”

Originally published as Darwin the quickest capital in Australia to save a 20 per cent home deposit