Insane time it takes common Aussie jobs to save up home deposit: 'Dream is dead'

Aussies working in the most common jobs now need decades to save up for the average home deposit. (Source: Getty)

Aussies working in the most common jobs in the country cannot afford to buy a home without putting themselves in financial stress. New analysis has revealed a childcare worker would need until 2055 - a staggering 31 years - to save up a deposit.

If they were able to take out a home loan today, they would pay 92 per cent of their $61,300 income on repayments on the average $742,000 home. That's according to a parliamentary library analysis released by the Greens based on Australian Taxation Office wage, Reserve Bank lending and CoreLogic house price data.

For a nurse on $112,900, saving a deposit would take until 2035 and on a home loan today they would be paying half of their yearly income on repayments. Even accountants, the highest-paid of the top jobs at $144,800, would need until 2031 to save up a deposit or pay 39 per cent of their income on a mortgage.

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The Greens’ housing spokesperson Max Chandler-Mather said millions of renters were “getting screwed by Australia’s broken housing system” because it takes so long for them to finally get the keys to their own homes.

"Millions of renters have been caught in a cruel trap, stuck paying massive rents, at best decades away from saving for a home, where even if they can get a mortgage the repayments are completely unaffordable,” Chandler-Mather said.

The Greens are calling on the government to phase out tax handouts to property investors. The capital gains tax discount allows people to pay half the amount of tax on the profit they make when they sell a property after owning it for 12 months or more.

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"For far too many the Australian dream of owning a home is dead, and it’s been killed by Labor and the Liberals with tax handouts to property investors,” Chandler-Mather said.

For a sales assistant, the most common job in Australia, the data shows they may “never” be able to save up for a home deposit due to house prices growing faster than wages. Earning $62,600, they would need more than 42 years to save up

How long does it take workers to save up a deposit?

Here’s how long it takes the top 10 most common jobs in Australia to save up a 20 per cent deposit, based on average earnings for their occupation:

1. Accountants ($144,800): 7 years

2. Primary School Teachers ($105,000): 12 years

3. Truck Drivers ($93,800): 14 years

4. Registered Nurses ($112,900): 11 years

5. Retail Managers ($81,000): 18 years

6. General Clerks ($84,200): 17 years

7. Aged and Disability Carers ($79,000): 19 years

8. Receptionists ($67,800): 28 years

9. Child Carers ($61,300): 31 years

10. Sales Assistants (General) ($62,600): >42 years

How much is a property deposit in Australia?

The data is based on saving up for a home deposit on the average Australian home but prices can be even more expensive depending on where in Australia you live.

Sydney buyers now need to save $332,00 for a 20 per cent deposit on the median house in the city, recent data from Domain found. That’s an extra $125,424 compared to just five years ago.

The amount needed for the average Melbourne home has gone up $48,549 to $213,761, while Brisbane buyers now need an extra $81,498 for a $195,293 deposit.

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