Credit: Gagliardi Photography | ShutterstockAmid a landscape of rising rents (35% rise since 2020), low vacancy rates, inadequate housing supply, and a projected shortfall of 257,000 new homes in the next five years –Australia’s housing crisisis placing increasing pressure on both renters and homebuyers.In light of this, themortgage experts at MortgageBroker.com.auhave exploredcapitalcities in Australia where saving for a home deposit is the most achievable. Their analysis evaluated key metrics such as rent prices, average incomes, monthly savings, and overall living costs to reveal the best cities for prospective homebuyers.Key findings:Perthhas the highest average weekly salary at $2,108 and the lowest rent-to-income ratio of 30.85%, making it theeasiest capital city to save for a house depositHigh living and transport costs inBrisbanemake it thetoughest capital city for saving a house depositDarwin’srent-to-income ratio is the highest at36%, meaning residents spend the largest portion of their income on rentHobartresidents have the lowest monthly savings, based on 0.9% of their disposable income, at $65.Which Australian capital cities can save for a house deposit the quickest?#Capital CityAverage Weekly RentAverage Weekly SalaryRent as % of weekly salaryMonthly Public Transport ($)Monthly Savings (2024)**Affordabi-lity Score /101Perth (WA)$650$2,10830.85%$160.00$828.562Melbourne (VIC)$580$1,85831.20%$164.00$737.753Hobart (TAS)$540$1,67032.35%$86.23$657.384Darwin (NT)$660$1,83336%$63.48$727.234Canberra (ACT)$690$2,08833%$99.94$827.236Adelaide (SA)$595$1,73534.30%$103.25$687.157Sydney (NSW)$750$1,89139.65%$200.20$745.878Brisbane (QLD)$630$1,84534.15%$197.35$725.77**Monthly savings for 2024 represent 0.9% of each city’s disposable income***A higher ‘Affordability Score’ indicates it’s quicker to save for a house deposit based on all metrics analysedPerth residents can save for a house deposit the quickestPerthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Amid a landscape of rising rents (35% rise since 2020), low vacancy rates, inadequate housing supply, and a projected shortfall of 257,000 new homes in the next five years –Australia’s housing crisisis placing increasing pressure on both renters and homebuyers.In light of this, themortgage experts at MortgageBroker.com.auhave exploredcapitalcities in Australia where saving for a home deposit is the most achievable. Their analysis evaluated key metrics such as rent prices, average incomes, monthly savings, and overall living costs to reveal the best cities for prospective homebuyers.Key findings:Perthhas the highest average weekly salary at $2,108 and the lowest rent-to-income ratio of 30.85%, making it theeasiest capital city to save for a house depositHigh living and transport costs inBrisbanemake it thetoughest capital city for saving a house depositDarwin’srent-to-income ratio is the highest at36%, meaning residents spend the largest portion of their income on rentHobartresidents have the lowest monthly savings, based on 0.9% of their disposable income, at $65.Which Australian capital cities can save for a house deposit the quickest?#Capital CityAverage Weekly RentAverage Weekly SalaryRent as % of weekly salaryMonthly Public Transport ($)Monthly Savings (2024)**Affordabi-lity Score /101Perth (WA)$650$2,10830.85%$160.00$828.562Melbourne (VIC)$580$1,85831.20%$164.00$737.753Hobart (TAS)$540$1,67032.35%$86.23$657.384Darwin (NT)$660$1,83336%$63.48$727.234Canberra (ACT)$690$2,08833%$99.94$827.236Adelaide (SA)$595$1,73534.30%$103.25$687.157Sydney (NSW)$750$1,89139.65%$200.20$745.878Brisbane (QLD)$630$1,84534.15%$197.35$725.77**Monthly savings for 2024 represent 0.9% of each city’s disposable income***A higher ‘Affordability Score’ indicates it’s quicker to save for a house deposit based on all metrics analysedPerth residents can save for a house deposit the quickestPerthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
In light of this, themortgage experts at MortgageBroker.com.auhave exploredcapitalcities in Australia where saving for a home deposit is the most achievable. Their analysis evaluated key metrics such as rent prices, average incomes, monthly savings, and overall living costs to reveal the best cities for prospective homebuyers.Key findings:Perthhas the highest average weekly salary at $2,108 and the lowest rent-to-income ratio of 30.85%, making it theeasiest capital city to save for a house depositHigh living and transport costs inBrisbanemake it thetoughest capital city for saving a house depositDarwin’srent-to-income ratio is the highest at36%, meaning residents spend the largest portion of their income on rentHobartresidents have the lowest monthly savings, based on 0.9% of their disposable income, at $65.Which Australian capital cities can save for a house deposit the quickest?#Capital CityAverage Weekly RentAverage Weekly SalaryRent as % of weekly salaryMonthly Public Transport ($)Monthly Savings (2024)**Affordabi-lity Score /101Perth (WA)$650$2,10830.85%$160.00$828.562Melbourne (VIC)$580$1,85831.20%$164.00$737.753Hobart (TAS)$540$1,67032.35%$86.23$657.384Darwin (NT)$660$1,83336%$63.48$727.234Canberra (ACT)$690$2,08833%$99.94$827.236Adelaide (SA)$595$1,73534.30%$103.25$687.157Sydney (NSW)$750$1,89139.65%$200.20$745.878Brisbane (QLD)$630$1,84534.15%$197.35$725.77**Monthly savings for 2024 represent 0.9% of each city’s disposable income***A higher ‘Affordability Score’ indicates it’s quicker to save for a house deposit based on all metrics analysedPerth residents can save for a house deposit the quickestPerthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Key findings:Perthhas the highest average weekly salary at $2,108 and the lowest rent-to-income ratio of 30.85%, making it theeasiest capital city to save for a house depositHigh living and transport costs inBrisbanemake it thetoughest capital city for saving a house depositDarwin’srent-to-income ratio is the highest at36%, meaning residents spend the largest portion of their income on rentHobartresidents have the lowest monthly savings, based on 0.9% of their disposable income, at $65.Which Australian capital cities can save for a house deposit the quickest?#Capital CityAverage Weekly RentAverage Weekly SalaryRent as % of weekly salaryMonthly Public Transport ($)Monthly Savings (2024)**Affordabi-lity Score /101Perth (WA)$650$2,10830.85%$160.00$828.562Melbourne (VIC)$580$1,85831.20%$164.00$737.753Hobart (TAS)$540$1,67032.35%$86.23$657.384Darwin (NT)$660$1,83336%$63.48$727.234Canberra (ACT)$690$2,08833%$99.94$827.236Adelaide (SA)$595$1,73534.30%$103.25$687.157Sydney (NSW)$750$1,89139.65%$200.20$745.878Brisbane (QLD)$630$1,84534.15%$197.35$725.77**Monthly savings for 2024 represent 0.9% of each city’s disposable income***A higher ‘Affordability Score’ indicates it’s quicker to save for a house deposit based on all metrics analysedPerth residents can save for a house deposit the quickestPerthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Perth residents can save for a house deposit the quickestPerthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Perthis Australia’s most affordable capital city to save for a house deposit, with an affordability score of8.56/10. With an average weekly rent of$650and the highest weekly salary at$2,108, Perth residents benefit from incomes20%higher than those in neighbouringAdelaide($1,735), despite similar rent prices ($595).With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
With40.5%of residents already holding mortgages, Perth’s strong housing market is supported byreasonable living costs, including a relatively low monthly public transport expense of$160. Rent takes up just30.85%of weekly income, the lowest of all cities analysed, making it easier for locals to build up their savings.PerthandMelbournehave a comparable rent-to-salary ratio, however, Perth’s higher wages give the city the edge — allowing residents to save$82per month —12%more than in Melbourne ($73).Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Known for its arts, culture, and thriving culinary scene,Melbourneranks second with an affordability score of7.75/10. Rent is11%cheaper than in Perth at$580per week, but this is offset by a13% loweraverage weekly salary of$1,858. The city, where35.6%of residents already hold mortgages, offers a balanced yet bustling urban lifestyle, with slightly higher monthly public transport costs of$164. With rent consuming31.2%of the average income, residents have less room for savings, managing around$73per month based on1%of their disposable income.Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Hobart, with its scenic harbour and historical charm, ranks third in the analysis with an affordability score of7.38/10. The average rent in Hobart is lower at$540, the lowest on the list, but this is balanced by the city’s lower average salary of$1,670. Despite this, Hobart’s smaller size and lower public transport costs of$86.23per month make it more affordable than cities like Sydney, where public transport costs up to 80% more on average ($200.20). Rent consumes32.35%of the weekly income in Hobart, leaving residents able to save just$65a month, which is 23% less than Canberra ($82).Brisbane’s residents will have to save for the longest to afford a property depositBrisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Brisbaneranks lowest on the list, making it the most challenging Australian capital city for saving a house deposit, with an affordability score of5.77 out of 10. Despite a relatively lower rent of$630and a weekly salary of$1,845, rent consumes34.15%of the average income. This leaves residents with monthly savings of just$72, based on 1% of their disposable income. Public transport costs are notably high, at$197.35per month, further squeezing disposable income. While saving for a deposit might take a bit longer, the lifestyle and amenities offered by Brisbane provide a compelling reason to call it home.Shaun McGowan, CEO ofMortgageBroker.com.au, shares his tips for aspiring homeowners:“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
“The results highlight significant differences in housing affordability across Australian cities, with Perth being the most favourable for saving towards a house deposit. These insights come during a challenging period for homebuyers, with rents rising 35% since 2020 and a severe shortage of new homes making market entry increasingly difficult.To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
To boost your savings, start by creating a detailed budget and tracking your expenses. Identifying areas to cut back and exploring additional income sources, such as side jobs, can make a difference. Reducing non-essential spending like dining out will also help.If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
If feasible, relocating to a more affordable city could accelerate your savings, though it involves its challenges. Additionally, setting up automatic transfers to a dedicated savings account and using financial planning tools or consulting with an advisor can provide crucial support. While these steps require effort, they can enhance your savings potential and bring you closer to homeownership.Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
Despite the current challenges in the housing market, implementing these strategies offers a practical approach to improving your savings potential. By creating a disciplined savings plan and making informed financial decisions, you can navigate the high living costs and competitive market, ultimately getting closer to securing a place to call your own.”Please find the full dataset here including all the metrics used to calculate the overall rankings.Previous ArticleNext Article
