In 2015 former Treasurer Joe Hockey suggested to buy a house you just needed a “good job that pays good money”
Ten years on new research shows that had a person on the average full-time male earnings in each state been saving 15% of their after-tax income, they would still be unable to afford a deposit on a median-priced house.
Worse than that, in Sydney they would have gone backwards. At the end of 2014 they would have needed a deposit of $154,600, but by the end of 2024 after saving $126,00 for 10 years they would still need an extra $155,404 in order to afford a 20% deposit on the median-priced house in Sydney.
As people have saved, the price of houses – and the size of the deposit needed – has kept going up, even faster.