Soaring property prices and low wages growth have blown out the time it takes to save for an entry-level home.
, with soaring property prices and low wages growth blowing out the time it takes to save for an entry-level home.
It has become extremely challenging for first-home buyers to save a deposit in the rising market, Domain’s chief of research and economics Nicola Powell said. With home values rising almost 10 times faster than wages last year, there had been a material lift in the time taken to save for a deposit, ANZ senior economist Felicity Emmett said.
First-home buyer Yvette Hammerschmidt has given up on the idea of saving a 20 per cent deposit for a one-bedroom apartment, which she hopes to buy with her partner in either Kensington, Kingsford or Waterloo in the coming months.
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