These are the areas where it takes first home buyers the least time to save a deposit

first_imgWho wouldn’t want to buy in Townsville? It’s beautiful and the time it takes to get a deposit together is faster than many other regions. Picture: Megan MacKinnonHOME buyers can get into the market a lot quicker, if they are saving a deposit to buy in the Central Highlands, Mackay and Townsville.New figures reveal these are the areas were on average buyers can get a 20 per cent deposit together within less than three years.According to money expert Bessie Hassan of finder.com.au, who has crunched the numbers using average income and median house prices, the time to save a deposit in these locations was less largely because of the lower average house prices in the regions.But if you’re living at and looking to buy in Noosa, the Sunshine Coast or Gold Coast it will take you a little longer. If Noosa is where you want to live, the time it takes to get a deposit together is longer than in most of Queensland’s major regional markets.Those wanting to buy in Noosa will be saving for on average 5.8 years to get a 20 per cent deposit together.The Gold Coast, 4.9 years, and the Sunshine Coast, 4.8 years, were not far behind.Ms Hassan said those coastal markets were highly populated tourists areas so it was not surprising that they had a higher property price tag and therefore a longer deposit-saving time compared to other precincts within regional Queensland.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“If you’re saving for a deposit, check out local property prices in the area and work out what you’ll need for a deposit. Remember, you should aim for at least a 20 per cent deposit so you can avoid paying mortgage insurance,’’ she said.Ms Hassan said one of the quickest ways to cut spending and increase savings was cutting “luxury items’’ such as food delivery services or travel. How long it takes to get a deposit together in the regions.“Parking your funds in a high-interest savings account or a term deposit may also help you maximise your return and fast-track your way into the property market,’’ she said.She advised potential first time buyers to run an audit on their financial accounts to see if they could be paying less fess or interest as a way of finding more savings.National data from the Australian Bureau of Statistics showed that the number of finance approvals for first home buyers was now at its highest level in eight years. In Queensland, the number of finance approvals increased by almost 10 per cent.center_img take 5 finder graphic depositREA Group chief economist Nerida Conisbee said while the number of finance approvals for investors and upgraders had dropped, first home buyers were bucking the trend.“We are now seeing the highest level of first home buyers since 2010,” she said.last_img read more

Otto takes remaining interest in Gulf of Mexico lease

first_imgAustralia-based oil and gas company Otto Energy has acquired the remaining 50% working interest in the VR 232 license located in the U.S. Gulf of Mexico from Byron Energy.Otto said on Thursday that the lease is subject to a 12.5% Federal Government royalty and the lease rental is $31,681 per annum. The lease expires in June 2023.VR 232 is adjacent to South Marsh Island Block 71 (SM 71) oil field and production platform. Byron is the operator of the SM 71 and Otto is a partner with a 50% interest. The platform has capacity to produce up to 5,000 bopd from up to six wells.Over 2 Bcf of gas and 30 Mbbls of oil have been produced from VR 232 between 1995 and 1997, according to Otto.Otto has recently acquired a modern 3D seismic data set over the SM 71 area (including VR 232) and part of the work being done will focus on the prospectivity of VR 232 given its proximity to SM 71.Otto Energy’s Managing Director, Matthew Allen, commented: “Otto is pleased to take its interest in VR 232 to 100% and assume operatorship of the license. Otto’s geoscience team have significant experience in the area with strong local prospect calibration.“There is the potential for any discoveries from VR232 to be within tie-back range of our SM 71 facility where there is with capacity for up to 5,000 bopd and six wells.”Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more