Australian first home buyers are looking at a ten year time frame to save enough for the average $113,000 property deposit, according to online financial comparison site Mozo.com.au.
The 10-year national average was calculated by Mozo based on the average property price in each capital city, to work out how much and how long you’d need to save to build up a 20 per cent deposit, based on a $5000 starting balance.
“First home buyers are having to face the huge hurdle of bridging the ‘deposit gap’ to buy a property, which could take anywhere between six and 14 years, depending on the city,” Mozo director Kirsty Lamont said.
“These figures are based on an average dwelling in each city, so saving for the Aussie
dream of a quarter acre block would take even longer.”