Deposit shock for Sydney, Melbourne, Brisbane first home buyers
In just three years, the time it takes the average first home buyer to save a house deposit has leapt by almost 3.5 years in New South Wales, more than two years in Victoria and nearly a year-and-a-half in Queensland.
In a property market that is cooking on full gas, aspiring first home buyers are facing rapidly increasing wait times to save for a deposit. (Image source: Shutterstock.com)
If you’re an aspiring first home buyer in Sydney, expect to spend the next eight years of your life saving for a deposit.
That’s the time it takes to cobble together enough coin to put down the median deposit of $145,000.
The situation is a little better, but also worsening rapidly, in Melbourne and Brisbane, where a 25-year-old will be in their 30s by the time they’ve saved enough money to pay a house deposit.
Buyers in Melbourne
are estimate…
