A new report shows housing affordability for first-home buyers in NSW has fallen to its worst level in 30 years, with the average household now needing almost seven years to save for a deposit on a median-priced home

New South Wales

First home buyers in New South Wales are experiencing the most challenging conditions in decades, with only 13% of homes currently affordable for households earning an average income of $134,000. It now takes nearly seven years for an average household to save a 20% deposit, which is longer than the national average and the worst it has been since data collection began 30 years ago.

Popular Sydney suburbs for first home buyers include Mount Druitt, Parramatta, and Liverpool. While recent interest rate cuts by the Reserve Bank of Australia are expected to improve borrowing capacity and affordability, increased demand may eventually drive property prices higher again.

First home buyers in NSW face toughest conditions in decades

For first home buying hopefuls around the state, it's never been harder. That's with an average household income of $134,000. A typical prospective first home buyer, so I think 25 to 39, renting, typical income in the sort of $130,000 range, can afford just 13% of homes across New South Wales at the moment. In New South Wales, an average income household would need to save for nearly seven years for a 20% deposit, one year more than the national average, but a few months less than first home buyers in South Australia. That reflects both the massive increase in home prices we've seen in SA over recent years, as well as the fact that it is a lower income state on average than New South Wales. As for the top Sydney suburbs searched by prospective first home buyers on realestate.com.au over the past year, Mount Druitt, Parramatta, Liverpool, Campbeltown and Blacktown take out the top five. Auburn, Blacktown North, Marylands Guildford, Fairfield and Botany round out the top 10. The nearly seven years to save a 20% deposit is the worst it's been for first home buying hopefuls. In the 30 years, PropTrack has been collecting data, but things are starting to look up as the RBA slowly brings interest rates down. We've already seen some rate cuts and we are expecting to see at least a couple more. That will start to reduce mortgage costs, boost borrowing capacities and make more homes more affordable for more first home buyers. But more emboldened buyers will eventually push up property prices, the oscillation of a market at the mercy of supply and demand. Paris Martin, 10 News.

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