New research claims NSW residents have, on average, about $34,800 in savings. This is second only to Canberrans, who have the nation’s highest average at $37,266. But putting down a 20 per cent deposit on a home priced at the Sydney median of $850,000 would require about $170,000 in savings, along with an added $30,000 for stamp duty costs. MORE: Where home prices will grow fastest Panicked buyers make desperate bids at auction The research is the result of an eight-month investigation by Finder.com.au, which polled more than 8000 Aussies of all ages to determine how much they had saved. Finder.com.au money expert Bessie Hassan said individual savings goals varied and not everyone polled was saving for a home deposit — some were saving for a new car or for a holiday — but home ownership remained one of the top goals. Experts 2020 property predictions Experts 2020 property predictions More than half of those surveyed said they guessed they would only be able to buy a home in 10 years. A further 23 per cent said they would be “renting forever”. Only six per cent of respondents said they would be able to buy a home with the next… Read full this story
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