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[MoreMore News] Sydney First home buyers need 7 years to save for a house

Updated: Aug 29, 2021

According to Domain’s First-Home Buyer Report, Sydney’s pandemic property boom leads to significant pressure for first home buyers. It now takes 6 months longer than it did last year for a couple to save a 20% deposit on an entry-price house which is $770,000. Sydney first home buyers now need seven years and one month to save for a house.

In the current market, Sydney first home buyers have the toughest situation than anywhere else in the nation. It takes a whole year longer than first home buyers in Melbourne and Canberra, and three years longer than in Adelaide, Brisbane and Darwin. Details are listed below:

Source: Domain

The research assumes a couple on average earnings for a 25 to 34-year-old in their city can save 20 per cent of their post-tax income every month, deposited in a standard online savings account. It excludes the transnational costs of buying property. Entry-level homes are based on the 25th percentile or the cheapest quarter of homes for sale.

It is challenging to save enough deposit when living costs are rising at such rapid rates, and property prices are continuously increasing. So please let us help you with your financial plan, to let you get your dream home smoother.

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