If you’re looking to crack into the property market get set for the long haul, with new research showing it will take more than a decade to build up a deposit for an average priced Australian home.

Working on the assumption that prospective buyers start with a balance of $5000 and put away 15% of after tax earning each month, comparison website mozo.com believes it would take 10 years and eight months to save $113,000, the amount needed for a 20% deposit on the average priced Australian dwelling.

While the 10 years and eight months is the estimated time for an average dwelling across Australia, the time frame to build up a deposit could be even longer if they’re looking to buy in certain capital cities.

“First homebuyers are having to face the huge hurdle of bridging the ‘deposit gap’ to buy a property, which could take anywhere between six and 14 years, depending on the city,” mozo.com director Kirsty Lamont said.

“These figures are based on an average dwelling in each city, so saving for the Aussie dream of a quarter acre block would take even longer,” Lamont said. 


Capital City Deposit amount

(20% of average dwelling


Monthly saving


Years to save
National $113,000 $735 10 years, 8 months
Sydney $154,440 $741 14 years, 1 month
Melbourne $112,000 $701 11 years, 1 month
Darwin $103,000 $725 9 years, 11 months
Canberra $107,000 $825 9 years, 2 months
Perth $102,000 $814 8 years, 11 months
Brisbane $91,000 $726 8 years, 10 months
Adelaide $81,000 $679 8 years, 5 months
Hobart $63,100 $649 6 years, 10 months
                                                          Deposit amount calculated from the CoreLogic RPData Home Value Index. Saving amount is 15% of

                                                          the average after-tax salary in each state. Years to save is based on the average savings account

                                                          interest rate of 2.32%, with a $5,000 starting balance. Source: mozo.com.au.

While the Mozo figures suggest owning a property may a long way down the track for most people, Phillipe Brach, head of Multifocus Properties & Finance, said people shouldn't be put off by the figures. 

"Yes when you look at the raw numbers it is proabably a little scray, but there are ways to make saving a deposit easier," Brach said. 

"We see a lot of people who get some help from their parents, which used to be uncommon and people are now buying with their friends and family as well. 

"I'm not suggesting people over extend themselves, but there are also lenders which might give you more thanm 80% which can make the saving time shorter."