{"id":37146,"date":"2022-02-26T10:33:41","date_gmt":"2022-02-25T21:33:41","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37146"},"modified":"2022-02-26T10:33:41","modified_gmt":"2022-02-25T21:33:41","slug":"this-graph-shows-why-its-so-hard-to-save-a-house-deposit","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/this-graph-shows-why-its-so-hard-to-save-a-house-deposit\/","title":{"rendered":"This graph shows why it’s so hard to save a house deposit"},"content":{"rendered":"

PHOTO: House depsoits are becoming increasingly hard to save for. FILE<\/strong><\/p>\n

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Australian home values rose almost 10 times faster than wages last year, with the market boom pushing the dream of homeownership further out of reach for more Australians.<\/p>\n

House prices across the country surged 22.1 per cent last year, according to CoreLogic figures, while wages rose just 2.3 per cent, the\u00a0latest Australian Bureau of Statistics figures show<\/a>.<\/p>\n

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\"Property<\/picture><\/div>
Property price growth has outpaced wage rises for much of the past two decades.\u00a0<\/span>CREDIT:<\/span>MICHELE FERGUSON<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cThat\u2019s a massive gap,\u201d said CoreLogic research director Tim Lawless. \u201c[However] even though we haven\u2019t seen such a large gap historically, it\u2019s very common for housing values to rise substantially more than wages have, hence this ongoing worsening affordability.\u201d<\/p>\n

CoreLogic modelling shows dwelling values climbed at more than double the annual pace of wages over the past decade, up by an average of 5.5 per cent each year compared with a 2.3 per cent average rise in the wage price index.<\/p>\n<\/div>\n

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While there had been periods where wage growth was the stronger of the two, it had been substantially outstripped by rising home values long term, Mr Lawless said. Dwelling values nationally have almost tripled over the past two decades, up about 194 per cent as of December 2021, while wages climbed about 81 per cent.<\/p>\n

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