
Buying your first home in Australia is harder than ever before, as new figures reveal it can take almost 10 years to save enough money for a deposit.

New research from one of Australia's leading banks has found young people trying to get into the property market have to clear more hurdles than their parents and previous generations before them.

In Melbourne, buyers can expect to wait more than eight years before being able to able to move into their first home, while people in Sydney are faced with a 9.2 year wait, according to the Sydney Morning Herald.

Buying your first home in Australia is harder than ever before, as new figures reveal it can take almost 10 years to save enough money for a deposit

The average for capital cities across Australia was around seven years, according to the figures released the Reserve Bank.

In Hobart, Brisbane and Adelaide buyers need to save for slightly more than five years, while it takes about four years in Perth and Darwin.

People wanting to buy a house in a hurry can turn to the Australian capital, Canberra, where the average time is a comparatively brief three years.

ANZ Bank economist David Cannington said the growing gap between house prices and income growth is behind the increased difficulty.

New research from one of Australia's leading banks has found young people trying to get into the property market have to clear more hurdles than their parents and previous generations before them

People trying to buy a home in Victoria, like this one in Toorak (pictured), can expect to save more than eight years before being able to afford a deposit

Getting into the Sydney housing market is even tougher, as it takes an average of 9.2 years to afford a deposit in New South Wales - although Darlinghurst mansion (pictured) might require a little extra saving

'This sharp increase in house prices combined with low income growth has resulted in households needing to save for an additional two-and-a-half years for a 20 per cent house deposit in Sydney,' Mr Cannington wrote, according to the newspaper.

Mr Cannington also said falling interest rates had upped affordability for people who already own home, which is something he believes will continue unless changes are made to current policy.

The news comes after it was revealed last month residential property prices in Sydney are growing at five times the rate of most other capital cities in Australia.

ANZ Bank economist David Cannington said the growing gap between house prices and income growth is behind the increased difficulty

The average time it takes to save for a deposit to buy a home in Perth (pictured) is about four years

Want to save a deposit for a home in Adelaide (pictured)? Prepare for more than five years of saving to have a deposit

New figures from the Australian Bureau of Statistics show the price of property in Sydney grew 3.1 per cent in the first quarter of 2015.

This was more than five times the change in all other capital cities apart from Canberra and Adelaide, which recorded 1.1 per cent growth and 0.7 per cent growth respectively.

Mr Cannington also said falling interest rates had upped affordability for people who already own home, which is something he believes will continue unless changes are made to current policy

Getting a deposit together for a home in Hobart takes about five years on average