The eye-watering length of time it now takes to save up for a house deposit as ... trends now
Saving up for a house deposit now takes more than 15 years - even if someone puts away close to $400 a month.
The average young Australian hoping to get into the property market is typically aiming to save up $67,474, a survey by financial comparison group Mozo found.
That goal is now taking an average of 15 years and eight months to achieve, if someone is able to save $359 a month.
For those saving less than $200 a month, setting aside money for a mortgage deposit would take at least 21 years and eight months.
The average savings goal would only be enough for a 10 per cent deposit to buy a $674,737 house, which means someone would need to pay lenders mortgage insurance.
Despite coverage of surging house prices, 78 per cent of those surveyed mistakenly believed they could save a deposit in just five years.
Saving up for a house deposit now takes more than 15 years - even if someone puts away close to $400 a month (pictured is a house at Frankston North in Melbourne)
Mozo finance expert Rachel Wastell said saving up for a mortgage deposit was an elusive goal, as house prices climbed at a much faster pace than wages
Mozo finance expert Rachel Wastell said saving up for a mortgage deposit was an elusive goal, as house prices climbed at a much faster pace than wages.
'Skyrocketing property prices are posing a considerable challenge for buyers, especially in Sydney where the median property price is over $1million,' she told Daily Mail Australia.
'The fact that prices are outpacing wage growth is also making it harder for aspiring Aussie homeowners to get on the property ladder.'
While a Sydney house would be almost beyond reach, a 10 per cent mortgage deposit of $67,474 would get an aspiring home buyer something in the outer suburbs of Brisbane or Melbourne.
There are options at Deception Bay, in the Moreton Bay area north of Brisbane, where the median house price is $644,241 and Frankston North, in south-east Melbourne, where the mid-point is $597,429, CoreLogic data showed.
'There's still hope for buyers looking just outside Brisbane and
