The careers giving the best path to buying your first home in Geelong

New research reveals the careers giving young people the best path to owning a home in Geelong. And there are some surprising results.

The three-bedroom house at 25 Pitman St, Newcomb, is listed with a $500,000 to $550,000 price guide.

New data reveals the careers Geelong people can choose to gain the best chance to afford buying their first home in the shortest time.

The new research shows the difference in time it can take people in different professions to save a deposit, a decades-long process for some, including nurses, teachers and those in creative arts.

Jobs where it takes less time to lock in a solid wage such as dentistry, engineering and IT were shown to give young people the best chance of getting onto the property ladder. Medicine wasn’t far behind.

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Roof tiling was the top trade on the list and the career quickest to get onto the property ladder if saving to buy a $500,000 home, at 13 years.

But saving for a house closer to Geelong’s $750,000 median price could take more than 20 years, and more if you’ve chosen a different career, with nursing and teaching at around 25 years.

Finder head of consumer research Graeme Cooke said the bottom rung of the housing ladder was higher than it had ever been.

“Your career is your income and that can make the biggest difference to your lifestyle and your home,” Mr Cooke said.

The Finder research uses typical wages to calculate how long each career would take to save a 20 per cent deposit.

The two-bedroom townhouse at 1A Charles St, Newcomb, is listed with price hopes from $529,000 to $559,000.

The two-bedroom townhouse at 1A Charles St, Newcomb, is listed with price hopes from $529,000 to $559,000.

It factors in time spent studying or in an apprenticeship, entry-level incomes, how renumeration is likely to ramp up based on historical data, as well as inflation-linked growth for wages. It also deducts income needed to cover cost of living and rent.

Mr Cooke said those hoping to take on their dream job could still find ways to beat the odds, such as buying with a partner, looking at units which are not only more affordable but likely to grow at a slower rate than houses, while more affordable suburbs could also help speed up access to the home dream.

While most trades ranked middle of the road in the research, one topped the list as the quickest path to home ownership.

“And moving between employers will often increase your wage,” Mr Cooke said.

“And the way houses are going, it could become impossible to get on the housing ladder there without the help of the bank of mum and dad within 10-15 years.”

Most trades ranked middle of the road, ahead of nursing and teaching, but still required between 17 years or 27 years to amass a 20 per cent deposit for a house priced at $500,000 or $800,000 respectively.

Geelong buyers advocate Tony Slack said tradies had an advantage of being able to earn more income by working overtime or doing work outside their normal jobs.

But he said the biggest way young people can get a head start was to stay at home while saving a deposit.

The two-bedroom townhouse at 3A Jutland Court, Grovedale, is listed with price hopes from $480,000 to $520,000.

The two-bedroom townhouse at 3A Jutland Court, Grovedale, is listed with price hopes from $480,000 to $520,000.

“Both personally and professionally, the couples or singles that I’m helping, without a doubt staying at home with mum and dad is the single biggest thing to be able to save.

“If they’re saving $25,000 to $30,000 to rent a house these days, if you can stay home with your parents, I reckon that’s the single biggest thing.

“Secondary to that would be assistance from family – parents and grandparents. And then thirdly, a good income.

“If you’ve got the ability to do overtime, to do homers, to knock off and go on help your family and friends and get a little bit of extra income on the side, that in itself helps as opposed to someone that’s in a nine to five job with a fixed salary.

Suburbs with the biggest number of houses priced between $500,000 and $700,000 included Armstrong Creek, Lara, Mount Duneed, Charlemont and Leopold.

The three-bedroom house at 27A Pettitt Cres, Norlane, is listed for sale with price hopes from $460,000 to $499,000.

The Geelong region’s median house price is $750,000.

In the $700,000 to $990,000 price bracket, suburbs with the biggest number of houses on the market include Armstrong Creek, Lara, Ocean Grove, Mount Duneed and Highton.

Real Estate Institute of Victoria president Jacob Caine said the data showed that some of the most critical careers clearly needed their wages increased — and that there was a risk to the diversity of communities as young people chose between a career they loved and what would keep a roof over their head.

Originally published as The careers giving the best path to buying your first home in Geelong