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As Australia’s dwelling values have surged against incomes:
One of the casualties has been the huge housing deposits that must be saved by first home buyers (FHBs) in order to buy a home, according to a new report by BankWest, which concludes that it now takes 4.6 years for the average couple who are buying their first home to save enough for a deposit on a median-priced house in Australia. However, the amount of time required to save a 20% for a house in Sydney has risen from 5.2 years in 2012 to 8.2 years, while a 20% deposit for an apartment in Sydney now takes an average of 5.9 years. From The ABC:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.