It is estimated to take about 21 years to save for a home deposit in the Highlands, which has jumped since March, 2020, a new report has found.
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The ANZ CoreLogic Housing Affordability Report, which was released on August 31, shows different indicators of housing affordability in the area.
It uses estimated income data from the Australian National University's Centre for Social Research and Methods and median home values from CoreLogic.
As of June 30 this year, the median value for a dwelling in the region is about 16 times more than the average income, and takes 21.2 years to save a deposit for.
The average value of a home on March 31, 2020 was $729,111, and has jumped to $1,309,700.
"When we look at dwelling values in the area, it's almost doubled," said CoreLogic's head of research Eliza Owen.
"It really highlights the market is no longer affordable for well-established residents."
Rent has also jumped by $210 to $761 per week for dwellings between 2020 and 2022, $781 from $563 for houses, and from $447 to $552 for units on average.
The data also estimated how much income would be needed for a new rental agreement, which went from 38.3 per cent in March, 2020 to 48.1 per cent in June this year.
The amount of income needed to service a new mortgage was another eye-watering estimate made in the report.
For instance, it predicted more than 82 per cent of one's income would be needed for a mortgage in June, 2022, which drastically outweighed about 49 per cent in March, two years prior.
Ms Owen said that it calculated how many years it would take to save 20 per cent of a median income for a deposit, with the assumption that people could save 15 per cent of their yearly household income.
Overall trends over the last couple of years have been influenced by the desire for a lifestyle change, the researcher said.
It does not include the rise in rates that have been recorded beyond this period.
Despite this, Ms Owen said she hoped there would be a downturn in prices and further relief in the future.
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