Australian Property Market: 12 Years To ‘Save For A Deposit In Sydney’
- Dec 20, 2023
- 1 min read
It will come as little surprise to many of us that housing affordability has worsened in Australia over the past year, with the time taken to save for a standard 20% deposit in Sydney stretching to 12.6 years, according to the annual ANZ CoreLogic Housing Affordability Report.
Nationally, the figure was slightly lower at 10 years to save for a deposit, although there was some surprise results in Melbourne—tipped to become Australia’s biggest capital city. In the five years to September, the time it took to save for a deposit in Melbourne lowered from 10.2 years in September of 2018 to 9.6 years today.
As the report authors noted, the Sydney-Melbourne price divide widened throughout much of this year.
“The more modest movements in Melbourne dwelling values likely comes down to more supply of dwellings over the past 15 years,” the authors wrote.
“The difference in median values between Sydney and Melbourne reached a series high of $343,000 as of October this year. For Sydney more broadly, this may be leading to poorer outcomes for key workers, and may be contributing to negative internal migration trends.”
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