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The time it takes for a couple to save a 20 per cent deposit to buy an entry-level house has shrunk by eight months nationwide since interest rates started rising last May, as falling prices reduce the amount they need to stash away and improving wages and higher interest rates on savings bolster their finances, a new report from Domain shows.
But the portion of income needed to service their mortgage has blown out to 41 per cent – a new record, sparked by theThe time it takes to save a deposit to buy an entry-level house has shrunk by eight months since interest rates started rising according to Domain. Meanwhile, a separate study from the Australian Housing and Urban Research Institute found that it was virtually impossible for any 25-34 year olds to save up enough deposit on their own, amid higher property prices and surging costs of living.
Domain’s analysis found that a couple buying their first home would now need six years and eight months to save a deposit on an average entry level house around the country, afterSydney posted the largest reduction in the number of months it takes to save a deposit, dropping by 17 months to six years and eight months.couples in Brisbane and Canberra has been cut by 14 months each and shortened by 11 months for Melbourne and Darwin buyers.
The rest of the capital cities posted a smaller improvement of between 1 month and five months due to the stronger performance of their housing markets.
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