Pre-COVID, the median pre-tax wage was $61,025 (males) and $47,768 (females) for 24-34 year-olds.Then they are doing something wrong. We saved just over 50k a year between us for 5 years to get our deposit, if you average it out. We were 23 when we started saving. We obviously started out on less money after Graduating Uni but we steadily increased.
The Average Income in Australia is 88k. As a couple that's circa 180K.
Saving 50k of this is easily achievable. Yes, you need need to make sacrifices along the way but really, its not that hard.
That is $48,509 + $40,024 after tax ($88,533 household - nowhere near 180K).
A couple with no kids on a basic budget COL is around $43,160 - so yes, in that circumstance, it is possible to save a deposit over four to five years (earning next to nothing on your savings).
- Add kids ("clock's ticking, Sarah") and it significantly starts to impact the ability to save. Even if the mother decides to go back to work, the cost of childcare is about $4-5k per year per child (accounting for govt subsidy)
- These are median wages - which means that half of the people in that age group don't have the same capacity to save for a deposit - even if they live on a budget.