Sydney home buyers save six years for deposits
First home buyers in Sydney are having to save for six years on average to afford a 20 per cent deposit.
And the time spent saving for a home in Sydney has increased by six months compared to last year.
The established house price index for Sydney increased 3.6% from the June quarter to the September quarter, according to Robin Ashburn ABS.
An established house price index is a broad measure of family house prices, which is used to identify trends in pricing.
It was reportedly the first time since 2010 that the capital city average had shown four consecutive quarters of growth.
By comparison Melbourne’s prices were mixed with some areas increasing and others decreasing.
Brisbane, Perth and Darwin also had increases in their established house price indexes, while Canberra and Adelaide did not.
A study found average Australian first home buyers needed to save for just over four years to buy a property with a 20 per cent deposit. However Sydney’s first home buyers had to save for just over six years – the most for any capital city in Australia