Or people to buy their first home
Mr Elder said saving for a first home was always going to be hard work for buyers.
“It’s all relative financially so it’s hard to compare our situation now to what our parents went through,” he said.
“The major difference would probably be just how competitive the property market is now, which is something earlier generations probably didn’t have to deal with as much.”
Long savings areas were spread across the state, particularly in with tourist destinations such as the Gold Coast, the Sunshine Coast, Cairns and the Whitsundays.
“We’re already seeing longer saving times in the Gold Coast, but it’s likely the 2018 Commonwealth Games will further impact the price of and saving times for properties in the Gold Coast and surrounds,” Mr Rakhit said.
Nationally, first-time buyers are being forced to save for longer as the median value of houses outpaces salary growth.
On average, Australian first-time buyers will now take 4.1 years to save a 20 per cent deposit for a house, up from 3.9 years in 2013.
Despite an increase in the median price of housing across Australia, wages among firsttime buyers have only grown by 2.6 per cent over the year with saver incomes lagging behind.
A large part of the growth in national housing prices can be attributed to low interest rates, with standard variable rates currently at the lowest level since 2009.
The current average rate of 5.9 per cent per annum is well below the average rate of 7.3 per cent seen over the past 10 years.
While low interest rates may make it easier for homeowners to service their loans, they can also make it more difficult for first-time home buyers to save for a first home deposit.
For a couple saving their money in a highinterest online savings account, the average interest rate has been 2.5 per cent over the past 12 months, down from 3.17 per cent in 2013, and the average rate of 4.69 per cent over the past 10 years.
“Certainly, today’s low interest rates make home loans more serviceable for young homeowners but for most, saving a deposit for their first home remains the biggest challenge,” Mr Rakhit said.
“While interest rates are low, it’s important to develop a tailored plan that will make the most of your savings each month.
“We encourage those planning to purchase their first home to shop around to find the best savings plan for their needs.”
A full list of results for 465 local government areas across Australia is available in the Bankwest report is available at bankwest.com.au.