Saving for a 20% home deposit in Sydney has become slightly quicker, with the time required dropping by one month for both houses and units, according to Domain’s latest first home buyer report.
The report found that couples need around six years and eight months for a house and four and a half years for a unit, assuming they save 20% of their post-tax income monthly.
Domain chief of research and economics Dr Nicola Powell said that exploring different property types or locations can offer better affordability and quicker market access.
For example, choosing an entry-level house in Wyong can save more than a year’s worth of saving time compared to the Sydney average (see table).
