The eye-watering length of time it now takes to save up for a house deposit as prices continue to surge – here are your best options

Saving for a home deposit now takes the average buyer more than 15 years, even if they put away as much as $400 a month.

Australians looking to enter the property market are aiming to save an average of $67,474 for a deposit, a survey by financial comparison group Mozo found.

If someone can save $359 a month, it would take 15 years and eight months to reach that $67,000 amount.

For those saving less than $200 a month, it would take at least 21 years and eight months to put money aside for a mortgage deposit.

Even that savings goal is modest, as it would only be enough for a 10 percent down payment to purchase a $674,737 home, meaning the buyer would have to pay mortgage insurance to the lender.

Despite widespread awareness of rising home prices, 78 percent of respondents incorrectly believed they would be able to make a down payment in just five years.

Mozo finance expert Rachel Wastell said saving for a mortgage was an elusive goal as house prices rose much faster than wages

Mozo finance expert Rachel Wastell said saving for a mortgage was an elusive goal as house prices rose much faster than wages.

“Soaring property prices pose a significant challenge for buyers, especially in Sydney where the average property price is more than $1 million,” she told Daily Mail Australia.

“The fact that prices are outpacing wage growth also makes it harder for aspiring Australian homeowners to get on the property ladder.”

While a house in Sydney is now virtually out of reach for all but the very wealthy, a 10 per cent mortgage deposit of $67,474 could net an aspiring homebuyer something in the suburbs of Brisbane or Melbourne.

There are options in Deception Bay, in the Moreton Bay area north of Brisbane, where the median house price is $644,241, and in Frankston North, in Melbourne’s south-east, where the midpoint is $597,429, CoreLogic data shows.

“There is still hope for buyers looking just outside Brisbane and Melbourne, as some suburbs are still showing offers for homes in the $600 to $700,000 range,” Ms Wastell said.

The affordable segment of the housing market saw strong price growth, with Deception Bay’s average house price rising 14 per cent in the year to April, while central Brisbane rose 15.9 per cent to $909,988.

There are options at Deception Bay (pictured), in the Moreton Bay area north of Brisbane, where the median house price is $644,241, and Frankston North, in Melbourne’s southeast, where the midpoint is $597,429, CoreLogic data shows .

But there could be hope in Melbourne, where prices have risen a more modest 3.3 per cent in the past year but are still unaffordable at $935,049.

House prices are rising by double digits in Sydney, Brisbane, Adelaide and Perth.

But prices in Melbourne are growing slower than the 4.2 per cent increase in the wage price index.

That means home prices in the suburbs are still rising at a modest pace, giving potential buyers more time to save, compared to other major state capitals.

By 2024, Brisbane will overtake Melbourne to become Australia’s second least affordable state capital.

Those looking to live in Sydney have fewer options in a city with an average house price of $1.414 million – following an annual increase of 10.7 per cent.

But Tregear in the city’s far west has a more affordable median house price of $688,442.

Those who don’t want to live in a suburb but want to take advantage of rising home prices may want to consider rent-fixing, where someone rents where they want to live and rents out an investment property.

Those looking to live in Sydney have fewer options in a city with an average house price of $1.414 million – following an annual increase of 10.7 per cent. But Tregear (pictured) in the far west of the city has a more affordable median house price of $688,442

“This strategy can be an effective way to enter the real estate market, especially given low rental vacancy rates and high rental costs,” Mozo said.

‘Nevertheless, buyers should be careful when selecting the property and location as not all areas experience the same demand and rental yields.’

The Mozo survey of 2,554 adults in January and February found that 41 percent of respondents were saving less than $200 per month.

Another 26 percent saved $200 to $500 per month, compared to 16 percent saving $500 to $1,000 per month, 9 percent saving $1,000 to $2,000 per month and 5 percent saving more than $2,000 per month.

Of those who save less than $200 a month, 62 percent incorrectly believed they would be able to save for a mortgage in five years.