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In the last two years, property buying has been booming. The pandemic pushed property prices up rapidly which, when coupled with record-low interest rates, saw borrowers rush to get onto the property market. But as rates start to increase for the first time in 11 years and the cost of living rises, the affordability of Australian housing is starting to bite. We take a look at the affordability problem, and how brokers are primed to help borrowers navigate it
11.4 years; that’s how long it now takes to save for a deposit. The shocking new stat came in the latest ANZ CoreLogic Housing Affordability Report – released earlier this year – which found that the median time required to save a 20 per cent deposit has risen by 2.2 years since the COVID-19 pandemic took hold in Australia.
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