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First home buyers will need to save consistently for a decade before being able to afford the average property deposit, according to comparison site Mozo.com.au.
Mozo has researched the average property price in each capital city to determine how much and how long first home buyers would need in order to lock down a 20 per cent deposit, based on a savings account with an interest rate of 2.32 per cent and a $5,000 starting balance.
Nationwide, the research showed that the average first home buyer would need 10 years and eight months to save $113,000 for a 20 per cent deposit.
Sydney is most time-consuming and expensive capital city, with the average first home buyer expected to take 14 years and one month to save up $154,440 for a 20 per cent deposit.
Melbourne was next, taking 11 years and one month to save $112,000, while Darwin first home buyers would take nine years and 11 months to save $103,000.
It would take approximately nine years and two months for first home buyers looking to lock down a 20 per cent deposit ($107,000) in Canberra, whereas Perth first home buyers would take eight years and 11 months to save $102,000.
Brisbane first home buyers should expect to save for eight years and 10 months to be able to afford a 20 per cent deposit worth $91,000, while Adelaide first home buyers will take eight years and five months to save $81,000, and Hobart first home buyers will take six years and 10 months to save $63,100.
[Related: FHB investment demand surges]
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