Raising a deposit the biggest housing affordability barrier

New data from Domain shows that homebuyers seeking to gain entry into Australia’s housing market need to save more than one year’s income for a deposit on a house:

The biggest deposit needed is in Sydney, where those looking to buy a house at the median price of $1,499,126, on Domain data, would need $299,825 for a 20 per cent deposit.

That is more than triple the average yearly wage in NSW, which is $91,743.60 for full-time workers, according to the latest Australian Bureau of Statistics figures.

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