Why buying a house has become a ‘heck of a strain’

New research has found it takes first-home buyers in Melbourne an average of 11 years and nine months to save for a house.

Steve Mickenbecker, Group Executive of Financial Services at Canstar, said there was no doubt it was becoming increasingly difficult.

“It has become a heck of strain,” he said on 3AW Drive.

He shot down the argument that interest rates were low in comparison to previous generations, making the challenges different.

“Low interest rates don’t help them if they part-way through that process (of saving for a deposit),” Mr Mickenbecker said.

“Prices keep going up and it keeps going away from them.”

But he said many young people needed to reconsider where they wanted to buy.

“I do think they do,” he said.

Press PLAY below to hear him explain

Picture: Getty iStock