Australian home buyers saving for a house deposit may need up to $100,000 more than they did four years ago to buy a median-priced house.
Sydney home buyers will need to save more than $100,000 more than they did in 2019 for a deposit on a median house.Some buyers are asking for help from family or accessing government home buyer schemes.
Industry experts say skyrocketing deposits are leaving some buyers scrambling to ask family for financial help, or take advantage of government low-deposit loan schemes to avoid paying lender’s mortgage insurance. Westpac senior economist Matthew Hassan said higher deposits are hitting housing affordability, at the same time as more listings were coming onto the market.This would test the mettle of buyers who would put off buying a house, or upgrading, until they could better afford to.
“We always used to buy predominantly houses for first home buyers, but now we’re seeing more apartments … budgets have been cut as interest rates rise [because buyers can’t borrow as much as they once could],” she said.
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