Looking to buy a home? The job you have plays more of a role than ever, a new report shows.
New Finder data reveals the jobs that – assuming you’re a good saver – will get you into a home the fastest, and the ones which could be locking you out of the market.
Looking at the starting income rankings alone, the top starting wage was for dentistry, where graduates earn $93,060 a year.
There’s big money to be made in dentistry.
The rest of the top five were dominated by tradespeople – roof tiler ($87,890), medicine ($77,653), plasterer ($77,550) and carpenter/joiner/stonemason/tilelayer ($76,996).
However, the number reveals it’s not necessarily those with the highest starting income who are necessarily able to save a 20 per cent deposit the fastest.
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Roof tilers, according to the data, are the fastest to get into home ownership.
They’ll need to save for 15 years to form a deposit.
Dentistry, engineering, computing and communications systems, and medicine graduates can also get into an Adelaide unit within 16 years.
Houses, as you might expect, will take longer, with dentistry, engineering, and computer and information systems graduates in their new home after saving for their deposit for 24 years.
Medicine graduates will have to wait another year, and roof tilers another two.
Master Builders SA CEO Will Frogley. Supplied
Master Builders Association of SA chief executive officer Will Frogley said trades paid well, offered good opportunities and job security.
“This is a classic example of the law of supply and demand,” he said.
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“There is a massive shortage of tradies and accordingly they are getting paid very well.
“Kids, parents, and career counsellors are realising a trade like roof plumbing is great protection against AI.
“And people are seeing more and more that a well-paying job gives them their best shot at owning a home of their own.”
First year roof plumbing apprentice Tyler Porter is keen to save up for his first home down the track. Picture: Brenton Edwards
Tyler Porter, 17, is studying roof plumbing – the field in SA which includes roof tiling – part time and said he was thrilled to hear it might help get him into a home sooner.
“That’s my number one priority and the first thing I’ll be doing when I’m earning – saving for that house deposit,” he said.
“I’ve heard it’s really difficult, so I’ll be doing everything I can to get in as soon as I can.”
As for the jobs that might be keeping you out of the market – creative arts graduates on a $53,768 starting salary looking to buy a house in Adelaide will need to save for a whopping 39 years.
Signwriters, painters and glazers were in the market a year sooner at 38 years, while
communications graduates need to save for 35 years.
Finder.com.au head of research Graham Cooke.
Finder.com.au head of research Graham Cooke said it was “shocking” how long it would take some people to save a 20 per cent deposit following recent property price hikes.
He noted that prices were climbing in most areas at a faster rate than wages and those saving home deposits were struggling to keep up.
“People think rates are the be all and end all and we hear so much about prices but what’s less discussed is the deposit,” Mr Cooke said.
“People don’t realise just how long it now takes to save a deposit to get on the bottom rung of the property ladder. That bottom rung is just getting higher and higher.”
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Mr Cooke said the findings showed how long it would take a single income earner to save a deposit and noted that this did not reflect the reality of most buyers, who purchased with a partner.
But he added that it was “scary” just how out of reach the market had become for singles.
“You have to have a pretty decent amount of income to buy as a single earner,” he said.
– with Aidan Devine
English (US) · 