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How much you need to earn to buy a home: every suburb revealed

Exclusive modelling has unveiled the stark reality of home ownership in Australia, highlighting the income required to purchase a property in every suburb.

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New mortgage analysis has revealed the gross annual income now required to purchase a home in every Australian suburb.

The Finder.com.au modelling of ABS, mortgage and PropTrack data indicated the gross household income needed to comfortably afford a property bought at the median suburb price if using a 20 per cent deposit and paying the average loan rate being charged by lenders (6.23 per cent).

It also assumed the buyer took out a 30-year owner occupied mortgage and the repayments did not exceed 30 per cent of household income – the threshold at which households are considered to be in “mortgage stress”.

Originally published as How much you need to earn to buy a home: every suburb revealed

Original URL: https://www.thechronicle.com.au/property/how-much-you-need-to-earn-to-buy-a-home-every-suburb-revealed/news-story/9865c1c91f92b3a6f9047ce16e266f9d