PHOTO: Sydney, Australia
The exact length of time it takes to get on the property ladder across Australia has been detailed by new research – and it’s a painfully long wait for would-be homeowners in the country’s two biggest cities.
To raise 20 per cent of the asking price in Sydney it will take 11.4 years of saving, while in Melbourne prospective buyers can expect it to take just over 10 years to raise the same percentage.
The quickest to reach the deposit mark were househunters in Darwin, where it took 4.8 years. The median house price in the Northern Territory capital is $539,000.
This three bedroom terrace at 37 Vine Street, Darlington is for sale at Sydney’s median house price of $1.15million. One estimate says it would take Sydneysiders 11 years to save a 20 per cent deposit for the home
14 Campbell Street Collingwood is for sale at auction with a price guide starting at $850,000 – just under Melbourne’s median house price. The research says Melburnians take around 10 years to save one-fifth of the asking price
HOW LONG IT TAKES TO SAVE A 20 PER CENT HOME DEPOSIT IN YOUR CITY
Sydney – 11.4 years
Melbourne – 10.1 years
Brisbane – 7.9 years
Adelaide – 8.3 years
Perth – 7.0 years
Hobart – 8.8 years
Darwin – 4.8 years
Canberra – 6.9 years
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