First home buyers now need 10 years to save for a deposit, according to ANZ CoreLogic Housing Affordability report

First home buyers now need 10 years to save for a deposit, according to ANZ CoreLogic Housing Affordability report

First home buyers in Australia now need more than 10 years just to save a 20 per cent deposit to own a home, a new report says, underlining the worsening housing affordability crisis across the country. The latest ANZ CoreLogic Housing Affordability report estimates that based on households saving 15 per cent of their gross annual income, it would take a record 10.8 years to save a deposit for a house and nine years for a unit. Property prices jumped 21.6 per cent over the 12 months to October 2021 as buyers and investors took advantage of record low interest rates to pile into the market. Over half the country’s capital cities posted an annual growth rate in excess of 20 per cent. That means first home buyers are becoming …
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