<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Somebody who took the government's advice 10 years ago to "get a good job that pays good money" to enter the </span><a href="https://www.9news.com.au/property" rel="" target="_blank" title="housing"><span>housing</span></a><span> market would likely be further than ever from their goal today, new research shows.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A decade ago, a home buyer needed a deposit of $154,600 to buy a median-priced house in Sydney, data from the Australia Institute's chief economist Greg Jericho showed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If someone earning the average full-time male wage had saved 15 per cent of every pay packet in the ten years since, they'd have amassed $126,096.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/court-puts-a-temporary-hold-on-releasing-records-related-to-the-deaths-of-gene-hackman-and-his-wife/86371b7a-7259-49ce-af85-df26e4e20c1c" target="_blank"><strong><span>'Possibly shocking': Court twist in death of Gene Hackman and his wife</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That leaves them well short of their original goal - and even further short of what they need now.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Jericho's numbers showed that the median Sydney housing deposit was now $281,500 - meaning that after 10 years trying to save $154,600, the hypothetical home-buyer would still need to save even more ($155,404).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was a similar story around the country, though only Sydney prices had been so inflated.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/housing-prices-deposits-growing-further-and-further-out-of-reach-australia-institute-says/32a4de2e-0507-40e2-877a-827571a696fe" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If the same hypothetical homebuyer had aimed at the Melbourne market, they would be $42,059 short.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/search-for-us-student-in-dominican-republic-intensifies-with-witness-account/24304920-4390-4bc3-afcc-131d314c3e7a" target="_blank"><strong><span>Search for US student in Dominican Republic intensifies with witness account</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Brisbane ($58,699 short), Adelaide ($52,392 short), Canberra ($62,764 short), Perth ($19,873 short), and Hobart ($27,683 short) would also have to scrape up more.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Only in Darwin would they manage to have reached their deposit goal, in 2024.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The reality is that for many people with 'a good job that pays good money' the possibility of owning a home is out of reach without help either from a partner who also has a good job or the Bank of Mum and Dad," Jericho said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Remember, this data is based on the average full-time male wage. For those earning less, like teachers, nurses and mechanics – or anyone on the average full-time female wage – home ownership is more of an impossible dream than a great Australian dream.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/heavy-rain-potential-floods-tropical-north-queensland-continues/10ad0dd6-66dc-40cb-8853-e9e6b766bfd9" target="_blank"><strong><span>Queensland warned of floods with triple-digit falls forecast</span></strong></a></div></div><div class="styles__Wrapper-sc-2o34ro-0 cmwkBV"><div class="styles__Column-sc-2o34ro-3 jJDKrX"><a href="/content/2024/08/13/11/48/australias-fastest-selling-homes-top-suburbs-revealed"><img alt="A for sale sign on a home." sizes="(min-width: 1024px) 636px, (min-width: 768px) 396px, 100vw" src="https://imageresizer.static9.net.au/lRqEmc13ts8Y24aXoFd7pMvDxjQ=/0x0:8256x4644/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F6c20ce4d-357f-4904-a868-ccf419ce96e0" srcset="https://imageresizer.static9.net.au/lRqEmc13ts8Y24aXoFd7pMvDxjQ=/0x0:8256x4644/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F6c20ce4d-357f-4904-a868-ccf419ce96e0 396w, https://imageresizer.static9.net.au/2cLs7ODl-dJLacR2gcR6QUP8HKg=/0x0:8256x4644/636x358/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F6c20ce4d-357f-4904-a868-ccf419ce96e0 636w"/></a></div><div class="styles__Column-sc-2o34ro-3 jJDKrX"><div class="styles__Headline-sc-2o34ro-4 hpbOlz">Australia's fastest-selling homes: top suburbs revealed</div><div class="styles__Button-sc-2o34ro-1 eBjlmW"><a class="styles__ButtonLink-sc-2o34ro-2 hqpklJ" href="/content/2024/08/13/11/48/australias-fastest-selling-homes-top-suburbs-revealed">View Gallery</a></div></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He said housing affordability needed to be "front and centre" of the upcoming federal election.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"25 years of the tax system incentivising housing speculation through the 50 per cent capital gains discount combined with negative gearing has left Australia with a housing affordability crisis," Jericho said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The 50 per cent discount and negative gearing now cost around $12bn a year with $7.2bn going to the richest 10 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"After 25 years, we need to stop doing what isn't working and start fixing things."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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