In Melbourne, a 20 per cent deposit on the median priced house is almost $26,000 more expensive than in pre-COVID times.Property listings
Sydney house prices have declined 11.3 per cent from their market peak early last year, but buyers still need to save about $55,700 more than they did in the December quarter of 2019 – while facing rising mortgage rates. Potential unit buyers may have better luck, only needing an extra $2344 in Sydney and barely any more in Melbourne.Grattan Institute economic program policy director Brendan Coates said saving a 20 per cent deposit was still one of the biggest hurdles for home buyers, even as prices fell.
“Having a wealthy family becomes a type of insurance because [buyers know they] can get help if things go south, and they can’t afford repayments,” he said. James Algar, of Mortgage Choice Dee Why, said many parents had been offering financial support, so their children could purchase nearby.