Sydney home buyers face a record 16 years to save a deposit

Sydney home buyers face a record 16 years to save a deposit

Sydney home buyers face a record 16 years to save a deposit The time it takes to save a house deposit has blown out to a record 10.8 years Australia-wide as prices increase at a rate 8.1 per cent faster than household income, the ANZ CoreLogic Housing Affordability report shows. Home buyers on an average income now need to use 39.3 per cent of their household income to service a new mortgage after house prices rose 24.2 per cent nationwide over the past year. Home buyers in Sydney are now taking 16.6 years to save a 20 per cent deposit to buy a house – also a record, following a 30.4 per cent rise in prices over the past 12 months. New homeowners then need to spend 60.4 per cent …
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