‘Buying a home is becoming increasingly out of reach for many Aussies.’
Saving for a unit is a slightly quicker process, with 14 years of saving required in NSW and Tasmania , 11 years in Victoria and 10 years in both Queensland and South Australia .
“Wage growth over the past few decades simply hasn’t kept up with skyrocketing property prices,” he said. States where it is quickest to save for a deposit have rental costs that are less than 30 per cent of median household income, such as the NT and WA . Despite the numbers being a confronting reality for many first home buyers, Whitten urged them not to feel discouraged.
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