Taking ages to build that deposit? You're not alone. Here's how your capital city compares.
The path to home ownership in Australia is dire, with the massive lump sum deposit identified as the biggest hurdle for those wanting to put a roof over their heads. The First-Home Buyer Report from Domain released on Thursday has compared the situation nationwide, revealing the difference in time to save for a house or a unit. The new data suggests it's getting better in some states, but it's not all good news.
While Melburnians spend three months less to save for a house than in 2019, other major cities have seen a stark increase over that period. It takes a year longer to save for a house deposit in both Brisbane and Hobart, and 15 more months in Adelaide. Another way to crack the market is to choose affordable areas that take less time to save a deposit for.
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