Single mum’s shock as income figures reveal affordability gap

Melbourne’s housing dream slips further away as new data reveals the soaring income needed to buy in once-affordable suburbs like Upwey. Picture: David Caird

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Jade Cole has lived in her dream home in Upwey for 10 years. In today’s market, that dream would be out of reach.

The single mum of two says she wouldn’t stand a chance if she were trying to enter the market today.

New figures from Canstar show the annual income needed to buy a house in Upwey in 2025 is $180,155, up from $115,147 in 2020.

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“I was shocked to hear how much the income requirement has jumped,” Ms Cole said.

“You now need to earn an extra $65,000 a year just to get in. That’s massive.”

Working in corporate sales and marketing, Ms Cole purchased the home and as a solo parent has raised her two children in the leafy community where she herself grew up.

“Upwey has a beautiful community, that’s what brought me back.” she said.

Single mum Jade Cole says she couldn’t afford to buy her own Upwey home today, with income requirements up $65,000 since 2020. Picture: David Caird

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“But if I had to buy now, I probably couldn’t stay.

“I’d have to look closer to Knox for practical reasons, not lifestyle. It would be out of necessity.”

Like many households, her family has had to adapt to a steep cost-of-living climb, cutting out everything from streaming subscriptions to bottled water.

“I always say, cut the fat off,” she said.

“I went back to the drawing board, reassessed everything, from power to insurance.

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“We’ve had to be really frugal. We cut back on sport, extra activities, the things that used to just be part of life.”

Ms Cole has considered re-entering the market to build a nest egg, but only with a 20 per cent deposit, something she admits would likely push her further out.

“The deposit is non-negotiable,” she said.

“Whether I could reach that is another story.”

The single mother plans to stay in Upwey until her youngest finishes school, then move toward the bay to be closer to the beach and her children’s father.

“If I could give my younger self advice, I’d say buy near the beach,” she laughed.

But despite her success, she doesn’t believe the there’s enough to support women in her situation.

“Especially single mums who may not have co-parenting help, it’s incredibly hard,” she said.

“I’ve built a life here, my home means security.”

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david.bonaddio@news.com.au