House prices are plunging, but some buyers are left in the cold

First home buyers are experiencing little respite in the property market downturn, as falls in property values are offset by a jump in mortgage rates, new research shows.

It would take a typical Australian first home buyer 10.9 years to save a deposit, as of the September quarter, barely lower than the 11.3 years required in the prior quarter, the latest ANZ CoreLogic Housing Affordability Report found.

Time to save varied by city, and a Sydney first home buyer would need to save for 12.8 years, while Melbourne would need 10.6 years, Brisbane 10.1 years and Perth 7.7 years.

Read More: https://www.smh.com.au/property/news/house-prices-are-plunging-but-some-buyers-are-left-in-the-cold-20221122-p5c0di.html