Average Australian first home buyer deposit soars to $120,000

The size of the average home deposit in Australia has soared to an all-time high.

For first home buyers looking to get onto the property ladder, the average home deposit is $119,560, according to new research by Finder.

It’s almost $30,000 more than the average full-time salary of $90,000.

A surge in property prices in 2021 led to the rise, with the average first home buyer deposit having risen by $11,700 over the year to March 2022 – equivalent to an 11 per cent increase, according to ABS figures.

It takes the average buyer two to five years to save for a deposit, according to Finder.

More than a third (36 per cent) of first home buyers took five years or more to save for a deposit.

Nearly one in 10 first home buyers (9 per cent) required 10 years or more to save enough money for a deposit, which is a slight decline from 11 per cent last year.

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