Which jobs pay enough to save for a Sydney house deposit
Single workers and many high earning couples would have largely found it impossible to save a Sydney house deposit over the past decade as property prices soared out of reach, shifting the goalposts for first home hopefuls.
Not one worker buying alone in the 17 occupations - from childcare workers to surgeons - analysed by left-leaning think tank The Australia Institute would have saved enough from June 2015 to December 2024, to reach a 20 per cent deposit for the median-priced Sydney house.
A central issue for the upcoming election is housing affordability, with both major parties announcing policies. Home buying hopefuls having less than a 20 per cent deposit usually require lenders' mortgage insurance, or a government guarantee to waive the LMI - set to be expanded to more first home buyers under a Labor plan.
Experts say having a 20 per cent deposit helps first home buyers avoid a situation where they lose their job while property prices are falling and need to sell their home for less than the loan, leaving them with a debt.
A single checkout operator would be most challenged getting to this, according to the data. If they began saving for a 20 per cent deposit ($159,925) for a median priced Sydney house in mid-2015 ($799,625), they would have $33,178 by December 2024.
But because the median house price in Sydney had by then risen to about $1.4 million, for which a deposit is $283,940, they would still be short $250,762.
'For people living in Sydney, saving for a home has become almost an impossibility unless you either have a very high-paying job, or you're married or a partner with someone with a very high-paying job,' Greg Jericho, chief economist at The Australia Institute said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
a day ago
- The Advertiser
State Liberals hit back at critics and launch campaign
Embattled Premier Jeremy Rockliff has hit back at growing criticism of his government's budget management as he formally launches his campaign to recapture the hearts, minds and votes of Tasmanians. The island state heads to the polls next month after parliament declared no confidence in the Liberal minority leader in early June. It will be Tasmania's second election in successive years and the fourth since 2018. Debt is the number one issue, with the dissenting opposition and crossbench lashing Mr Rockliff over his handling of the state's finances. Figures released last week by treasury forecast a worse position than estimated in the May 2025/26 state budget, with net debt to reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable. Mr Rockliff will head to Tasmania's north on Sunday to officially hit "go" on his re-election bid. However, in an attempt to beat him to the punch, Labor leader Dean Winter on Saturday unveiled plans to immediately find $1 billion in savings if he wins power and to put any windfall tax revenue gains towards debt reduction. Mr Rockliff immediately dismissed the move as "a recycling of a number of policies already in existence". "His plan to 'maximise government business profits' means higher charges, including increased car rego and power prices," he said. "The truth is Mr Winter will increase taxes." The major parties also traded barbs on Saturday on support for the proposed Marinus Link project. The undersea electricity and data connector would link Tasmania's northwest with Victoria's Latrobe Valley and allow the smaller state to import surplus solar while exporting hydropower to the mainland grid where it could help reduce the risk of brownouts. "After promising the project for 11 years - and delivering nothing - Jeremy Rockliff is now unsure whether he supports it," according to opposition energy spokeswoman Janie Finley. Government counterpart Nick Duigan accused Mr Winter of wanting to "trade away" Tasmania's economic future by forfeiting a seat at the Marinus table and leaving Victoria to call the shots in any deal. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in head to the polls on July 19. Embattled Premier Jeremy Rockliff has hit back at growing criticism of his government's budget management as he formally launches his campaign to recapture the hearts, minds and votes of Tasmanians. The island state heads to the polls next month after parliament declared no confidence in the Liberal minority leader in early June. It will be Tasmania's second election in successive years and the fourth since 2018. Debt is the number one issue, with the dissenting opposition and crossbench lashing Mr Rockliff over his handling of the state's finances. Figures released last week by treasury forecast a worse position than estimated in the May 2025/26 state budget, with net debt to reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable. Mr Rockliff will head to Tasmania's north on Sunday to officially hit "go" on his re-election bid. However, in an attempt to beat him to the punch, Labor leader Dean Winter on Saturday unveiled plans to immediately find $1 billion in savings if he wins power and to put any windfall tax revenue gains towards debt reduction. Mr Rockliff immediately dismissed the move as "a recycling of a number of policies already in existence". "His plan to 'maximise government business profits' means higher charges, including increased car rego and power prices," he said. "The truth is Mr Winter will increase taxes." The major parties also traded barbs on Saturday on support for the proposed Marinus Link project. The undersea electricity and data connector would link Tasmania's northwest with Victoria's Latrobe Valley and allow the smaller state to import surplus solar while exporting hydropower to the mainland grid where it could help reduce the risk of brownouts. "After promising the project for 11 years - and delivering nothing - Jeremy Rockliff is now unsure whether he supports it," according to opposition energy spokeswoman Janie Finley. Government counterpart Nick Duigan accused Mr Winter of wanting to "trade away" Tasmania's economic future by forfeiting a seat at the Marinus table and leaving Victoria to call the shots in any deal. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in head to the polls on July 19. Embattled Premier Jeremy Rockliff has hit back at growing criticism of his government's budget management as he formally launches his campaign to recapture the hearts, minds and votes of Tasmanians. The island state heads to the polls next month after parliament declared no confidence in the Liberal minority leader in early June. It will be Tasmania's second election in successive years and the fourth since 2018. Debt is the number one issue, with the dissenting opposition and crossbench lashing Mr Rockliff over his handling of the state's finances. Figures released last week by treasury forecast a worse position than estimated in the May 2025/26 state budget, with net debt to reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable. Mr Rockliff will head to Tasmania's north on Sunday to officially hit "go" on his re-election bid. However, in an attempt to beat him to the punch, Labor leader Dean Winter on Saturday unveiled plans to immediately find $1 billion in savings if he wins power and to put any windfall tax revenue gains towards debt reduction. Mr Rockliff immediately dismissed the move as "a recycling of a number of policies already in existence". "His plan to 'maximise government business profits' means higher charges, including increased car rego and power prices," he said. "The truth is Mr Winter will increase taxes." The major parties also traded barbs on Saturday on support for the proposed Marinus Link project. The undersea electricity and data connector would link Tasmania's northwest with Victoria's Latrobe Valley and allow the smaller state to import surplus solar while exporting hydropower to the mainland grid where it could help reduce the risk of brownouts. "After promising the project for 11 years - and delivering nothing - Jeremy Rockliff is now unsure whether he supports it," according to opposition energy spokeswoman Janie Finley. Government counterpart Nick Duigan accused Mr Winter of wanting to "trade away" Tasmania's economic future by forfeiting a seat at the Marinus table and leaving Victoria to call the shots in any deal. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in head to the polls on July 19. Embattled Premier Jeremy Rockliff has hit back at growing criticism of his government's budget management as he formally launches his campaign to recapture the hearts, minds and votes of Tasmanians. The island state heads to the polls next month after parliament declared no confidence in the Liberal minority leader in early June. It will be Tasmania's second election in successive years and the fourth since 2018. Debt is the number one issue, with the dissenting opposition and crossbench lashing Mr Rockliff over his handling of the state's finances. Figures released last week by treasury forecast a worse position than estimated in the May 2025/26 state budget, with net debt to reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable. Mr Rockliff will head to Tasmania's north on Sunday to officially hit "go" on his re-election bid. However, in an attempt to beat him to the punch, Labor leader Dean Winter on Saturday unveiled plans to immediately find $1 billion in savings if he wins power and to put any windfall tax revenue gains towards debt reduction. Mr Rockliff immediately dismissed the move as "a recycling of a number of policies already in existence". "His plan to 'maximise government business profits' means higher charges, including increased car rego and power prices," he said. "The truth is Mr Winter will increase taxes." The major parties also traded barbs on Saturday on support for the proposed Marinus Link project. The undersea electricity and data connector would link Tasmania's northwest with Victoria's Latrobe Valley and allow the smaller state to import surplus solar while exporting hydropower to the mainland grid where it could help reduce the risk of brownouts. "After promising the project for 11 years - and delivering nothing - Jeremy Rockliff is now unsure whether he supports it," according to opposition energy spokeswoman Janie Finley. Government counterpart Nick Duigan accused Mr Winter of wanting to "trade away" Tasmania's economic future by forfeiting a seat at the Marinus table and leaving Victoria to call the shots in any deal. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in head to the polls on July 19.
Perth Now
a day ago
- Perth Now
State Liberals hit back at critics and launch campaign
Embattled Premier Jeremy Rockliff has hit back at growing criticism of his government's budget management as he formally launches his campaign to recapture the hearts, minds and votes of Tasmanians. The island state heads to the polls next month after parliament declared no confidence in the Liberal minority leader in early June. It will be Tasmania's second election in successive years and the fourth since 2018. Debt is the number one issue, with the dissenting opposition and crossbench lashing Mr Rockliff over his handling of the state's finances. Figures released last week by treasury forecast a worse position than estimated in the May 2025/26 state budget, with net debt to reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable. Mr Rockliff will head to Tasmania's north on Sunday to officially hit "go" on his re-election bid. However, in an attempt to beat him to the punch, Labor leader Dean Winter on Saturday unveiled plans to immediately find $1 billion in savings if he wins power and to put any windfall tax revenue gains towards debt reduction. Mr Rockliff immediately dismissed the move as "a recycling of a number of policies already in existence". "His plan to 'maximise government business profits' means higher charges, including increased car rego and power prices," he said. "The truth is Mr Winter will increase taxes." The major parties also traded barbs on Saturday on support for the proposed Marinus Link project. The undersea electricity and data connector would link Tasmania's northwest with Victoria's Latrobe Valley and allow the smaller state to import surplus solar while exporting hydropower to the mainland grid where it could help reduce the risk of brownouts. "After promising the project for 11 years - and delivering nothing - Jeremy Rockliff is now unsure whether he supports it," according to opposition energy spokeswoman Janie Finley. Government counterpart Nick Duigan accused Mr Winter of wanting to "trade away" Tasmania's economic future by forfeiting a seat at the Marinus table and leaving Victoria to call the shots in any deal. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in majority. Tasmanians head to the polls on July 19.
The Advertiser
a day ago
- The Advertiser
Opposition pledges billion-dollar 'budget crisis' fix
Tasmania's alternative government says it will immediately save the state $1 billion if it wins next month's snap election. Having cited poor budget management when driving through a successful no-confidence motion against the government, Opposition Leader Dean Winter unveiled his repair plan on Saturday. The Labor plan is designed to immediately find $1 billion in savings, while it also commits, in government, to put any windfall tax revenue gains towards debt reduction. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. Mr Winter said the "crippling" debt had put Tasmania into a budget crisis and required a change of leadership to fix. "Tasmania has gone from having the strongest balance sheet of any state or territory when the Liberals were first elected in 2014 (and have) taken Tasmania to be almost bankrupt," he said. "The size and scope of the problem is enormous. The Liberals and Jeremy Rockliff have been warned about this by treasury for at least four years, and they've done nothing about it." Labor plans to establish a debt reduction fund, audit the capital investment program and ensure public assets are not privatised to ensure revenue streams among other ideas. They also would establish an internal jobs market in the public service, designed to stop the growth of the workforce. "If we create more mobility in the public service, we'll get a public service that's more agile, it's about reorganising and re-prioritising and stopping the jobs growth, which is unsustainable," Shadow Treasurer Josh Willie said. Liberal Treasurer Guy Barnett said the budget plan was "one giant con" because $171.5 million worth of cuts to capital works did not specify which projects. The government accused Labor of wanting to sell the state's stake in the Marinus Link that would allow Tasmania and its hydropower to become the nation's battery. "Dean Winter wants to sell a stake in Marinus (but) we are not going to … give effectively more control and more power of our power to the Victorian premier," Mr Rockliff said. The Liberals have pledged measures to cut spending in the public service but abandoned potential state asset sales as a means of paying down debt. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in majority. Tasmania heads to the polls on July 19. Tasmania's alternative government says it will immediately save the state $1 billion if it wins next month's snap election. Having cited poor budget management when driving through a successful no-confidence motion against the government, Opposition Leader Dean Winter unveiled his repair plan on Saturday. The Labor plan is designed to immediately find $1 billion in savings, while it also commits, in government, to put any windfall tax revenue gains towards debt reduction. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. Mr Winter said the "crippling" debt had put Tasmania into a budget crisis and required a change of leadership to fix. "Tasmania has gone from having the strongest balance sheet of any state or territory when the Liberals were first elected in 2014 (and have) taken Tasmania to be almost bankrupt," he said. "The size and scope of the problem is enormous. The Liberals and Jeremy Rockliff have been warned about this by treasury for at least four years, and they've done nothing about it." Labor plans to establish a debt reduction fund, audit the capital investment program and ensure public assets are not privatised to ensure revenue streams among other ideas. They also would establish an internal jobs market in the public service, designed to stop the growth of the workforce. "If we create more mobility in the public service, we'll get a public service that's more agile, it's about reorganising and re-prioritising and stopping the jobs growth, which is unsustainable," Shadow Treasurer Josh Willie said. Liberal Treasurer Guy Barnett said the budget plan was "one giant con" because $171.5 million worth of cuts to capital works did not specify which projects. The government accused Labor of wanting to sell the state's stake in the Marinus Link that would allow Tasmania and its hydropower to become the nation's battery. "Dean Winter wants to sell a stake in Marinus (but) we are not going to … give effectively more control and more power of our power to the Victorian premier," Mr Rockliff said. The Liberals have pledged measures to cut spending in the public service but abandoned potential state asset sales as a means of paying down debt. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in majority. Tasmania heads to the polls on July 19. Tasmania's alternative government says it will immediately save the state $1 billion if it wins next month's snap election. Having cited poor budget management when driving through a successful no-confidence motion against the government, Opposition Leader Dean Winter unveiled his repair plan on Saturday. The Labor plan is designed to immediately find $1 billion in savings, while it also commits, in government, to put any windfall tax revenue gains towards debt reduction. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. Mr Winter said the "crippling" debt had put Tasmania into a budget crisis and required a change of leadership to fix. "Tasmania has gone from having the strongest balance sheet of any state or territory when the Liberals were first elected in 2014 (and have) taken Tasmania to be almost bankrupt," he said. "The size and scope of the problem is enormous. The Liberals and Jeremy Rockliff have been warned about this by treasury for at least four years, and they've done nothing about it." Labor plans to establish a debt reduction fund, audit the capital investment program and ensure public assets are not privatised to ensure revenue streams among other ideas. They also would establish an internal jobs market in the public service, designed to stop the growth of the workforce. "If we create more mobility in the public service, we'll get a public service that's more agile, it's about reorganising and re-prioritising and stopping the jobs growth, which is unsustainable," Shadow Treasurer Josh Willie said. Liberal Treasurer Guy Barnett said the budget plan was "one giant con" because $171.5 million worth of cuts to capital works did not specify which projects. The government accused Labor of wanting to sell the state's stake in the Marinus Link that would allow Tasmania and its hydropower to become the nation's battery. "Dean Winter wants to sell a stake in Marinus (but) we are not going to … give effectively more control and more power of our power to the Victorian premier," Mr Rockliff said. The Liberals have pledged measures to cut spending in the public service but abandoned potential state asset sales as a means of paying down debt. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in majority. Tasmania heads to the polls on July 19. Tasmania's alternative government says it will immediately save the state $1 billion if it wins next month's snap election. Having cited poor budget management when driving through a successful no-confidence motion against the government, Opposition Leader Dean Winter unveiled his repair plan on Saturday. The Labor plan is designed to immediately find $1 billion in savings, while it also commits, in government, to put any windfall tax revenue gains towards debt reduction. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. Mr Winter said the "crippling" debt had put Tasmania into a budget crisis and required a change of leadership to fix. "Tasmania has gone from having the strongest balance sheet of any state or territory when the Liberals were first elected in 2014 (and have) taken Tasmania to be almost bankrupt," he said. "The size and scope of the problem is enormous. The Liberals and Jeremy Rockliff have been warned about this by treasury for at least four years, and they've done nothing about it." Labor plans to establish a debt reduction fund, audit the capital investment program and ensure public assets are not privatised to ensure revenue streams among other ideas. They also would establish an internal jobs market in the public service, designed to stop the growth of the workforce. "If we create more mobility in the public service, we'll get a public service that's more agile, it's about reorganising and re-prioritising and stopping the jobs growth, which is unsustainable," Shadow Treasurer Josh Willie said. Liberal Treasurer Guy Barnett said the budget plan was "one giant con" because $171.5 million worth of cuts to capital works did not specify which projects. The government accused Labor of wanting to sell the state's stake in the Marinus Link that would allow Tasmania and its hydropower to become the nation's battery. "Dean Winter wants to sell a stake in Marinus (but) we are not going to … give effectively more control and more power of our power to the Victorian premier," Mr Rockliff said. The Liberals have pledged measures to cut spending in the public service but abandoned potential state asset sales as a means of paying down debt. The Liberals (14 seats) and Labor (10) face an uphill battle to reach the 18-seat mark required to govern in majority. Tasmania heads to the polls on July 19.
