{"id":40330,"date":"2022-09-28T19:58:21","date_gmt":"2022-09-28T06:58:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=40330"},"modified":"2022-09-28T19:58:21","modified_gmt":"2022-09-28T06:58:21","slug":"the-heartbreaking-statistic-that-shows-long-it-takes-a-young-single-aussie-to-save-for-a-home-deposit","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-heartbreaking-statistic-that-shows-long-it-takes-a-young-single-aussie-to-save-for-a-home-deposit\/","title":{"rendered":"The “heartbreaking” statistic that shows long it takes a young, single Aussie to save for a home deposit"},"content":{"rendered":"

PHOTO: First home buyer. FILE<\/strong><\/p>\n

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Single Aussie millennials are saving for up to 16 years for a house deposit.<\/p>\n<\/div>\n<\/div>\n

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The figure is the latest \u201cheartbreaking\u201d statistic showing the depth of the challenge to enter the property market.<\/p>\n<\/div>\n<\/div>\n

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Single Sydneysiders aged 24 to 35 need 16 years to squirrel away a 20 per cent deposit on a $900,000 home, according to figures in Domain\u2019s 2022 First Home Buyer report.<\/p>\n

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GET & KEEP INFORMED<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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Speaking on the\u00a0Today\u00a0<\/em>show on Tuesday, Domain managing editor Alice Stolz said parents carrying \u201cscar tissue\u201d from the high interest rate period of the 1990s were wary of encouraging their children to enter the market as rates again creep upwards.<\/p>\n<\/div>\n<\/div>\n

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Although property prices have been dropping in the highest-value eastern capital cities of Sydney and Melbourne, the amount they lifted during the pandemic has set a monumental benchmark for first-home buyers.<\/p>\n<\/div>\n<\/div>\n

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How long it takes young Aussies aged 25-34, one one income, to save for a home deposit. Photo: Domain\/Today<\/strong><\/em><\/figcaption><\/figure>\n<\/div>\n
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Predictions by leading economics, including AMP\u2019s Shane Oliver, indicate that even with a 15 to 20 per cent fall, prices would only return to December 2020 levels.<\/p>\n<\/div>\n<\/div>\n

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\u201cWe expected with interest rates rising that house prices would soften. However, the problem for first-home buyers is they are obviously paying more and more when it comes to their mortgages each month,\u201d