According to The Australian Financial Review, the rapid drop in house prices has slashed around five months off the time needed to save a deposit across Sydney and six months in Melbourne, as early signs of improving affordability emerge, the ANZ housing affordability report shows.
While the time saving is a small improvement relative to the 17.1 years still needed to save a deposit in Sydney and 13.6 years in Melbourne, the deposit hurdle is likely to fall further as prices continue to drop and wages start to rise. https://www.afr.com/property/residential/housing-affordability-improves-slightly-as-prices-fall-20220829-p5bdom
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