Suburbs where you need a huge salary to buy a house
Buying a home is getting more and more unaffordable. Here’s what you’ll need to earn to buy a house in Australia’s most affluent suburbs.
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Aussies need to be earning a minimum income of more than $160,000 a year to buy an average-priced house, new data from Finder has revealed.
To be able to afford an average-priced unit, the figure drops slightly, to just over $120,000.
But both are well above the average full-time salary in Australia, which sits at almost $93,000, according to the ABS.
As interest rates continue to rise, Australians continue to stretch themselves financially in order to purchase property. Particularly if they want to buy in the city.
To buy a house in Sydney you need to be earning more than $200,000 and $160,000 in Melbourne. South Australia is slightly more affordable, with the average minimum salary to buy a house coming in at just over $140,000.
If you are earning the big bucks, you’ll still need to be making more than $6800,000 to own property in the most exclusive areas.
Below is a snapshot of how much you need to earn in Australia’s most expensive suburbs.
SEE THE FULL LIST BELOW >>
What is the minimum income you need to buy a house in Australia?
The Finder data examined the minimum income buyers required to afford an average priced unit or house in each suburb. Below is a snapshot of the most outlandish salaries needed to own property in some of Australia’s most prolific suburbs.
NEW SOUTH WALES
Top 5 NSW suburbs where you need to earn above $1M to buy a house
– Vaucluse: Median house price $9M vs. median annual salary $1.1M
– Bellevue Hill: Median house price $9M vs. median annual salary $1.7M
– Dover Heights: Median house price $6.8M vs. median annual salary $1.3M
– Rose Bay: Median house price $6.2M median annual salary $1.2M
– Longueville: Median house price $5.8M vs. median annual salary $1.1M
See full list of median income needed to buy a house in Sydney
VICTORIA
Top 5 VIC suburbs where you need to earn above $500K to buy a house
– Deepdene: Median house price $3.4M vs. median annual salary $686K
– Canterbury: Median house price $3.2M vs. median annual salary $648K
– Brighton: Median house price $3.2M vs. median annual salary $646K
– Balwyn: Median house price $2.9M vs. median annual salary $570K
– Middle Park: Median house price $2.7M vs. median annual salary $535K
– Malvern: Median house price $2.5M vs. median annual salary $505K
See full list of median income needed to buy a house in Victoria
QUEENSLAND
Top 5 QLD suburbs where you need to earn above $400K to buy a house
– Sunshine Beach: Median house price $2.9M vs. median annual salary $581K
– Mermaid Beach: Median house price $2.6M vs. median annual salary $520M
– New Farm: Median house price $2.6M vs. median annual salary $517M
– Surfers Paradise: Median house price $2.4M vs. median annual salary $472M
– Ascot: Median house price $2.3M vs. median annual salary $466M
See full list of median income needed to buy a house in Queensland
TASMANIA
Top 5 Tassie suburbs where you need to earn above $100K to buy a house
– Sandy Bay: Median house price $1.2M vs. median annual salary $253K
– Acton Park: Median house price $1.2M vs. median annual salary $240K
– Tranmere: Median house price $1M vs. median annual salary $207K
– Taroona: Median house price $953K vs. median annual salary $187K
– Kingston Beach: Median house price $929K vs. median annual salary $182K
See full list of median income needed to buy a house in Tasmania
SOUTH AUSTRALIA
Top 5 SA suburbs where you need to earn above $300K to buy a house
– Toorak Gardens: Median house price $2.3M vs. median annual salary $456K
– Malvern: Median house price $2M vs. median annual salary $404K
– St Peters: Median house price $2M vs. median annual salary $398K
– Hyde Park: Median house price $1.8M vs. median annual salary $365K
– Walkerville: Median house price $1.8M vs. median annual salary $354.8K
See the full list of median income needed to buy a house in South Australia
Originally published as Suburbs where you need a huge salary to buy a house
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