$182,000 the minimum income needed to buy a house in Australia
$182,000 is the minimum household income it takes to buy the average Aussie house following today’s interest rate rise, but in some states it’s much, much higher.
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Following today’s 0.25 per cent interest rate rise, Aussies need to be earning a minimum household income of $182,000 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 $130,000.
But both are well above the average full-time salary in Australia, which sits at almost $96,000, according to the ABS.
Graham Cooke, head of consumer research at Finder, said these figures, which take into account the latest rise in interest rates to 4.35 per cent, mean being able to comfortably afford a mortgage is beyond the reach of many Aussies.
“People are looking at stretching themselves financially in order to purchase a property,” he said.
“While not impossible, there are a lot of things to consider for those aspiring to own a home.”
The situation is more dire in some of Australia’s biggest cities.
The following figures are based on a 6.24 per cent variable home loan rate and a 20 per cent deposit.
Sydney:
In Sydney, an average household income of $261,773 is needed to buy the average priced house while an income of at least $148,600 is needed to afford the average priced unit.
Melbourne:
In Melbourne, an average household income of $171,235 is needed to buy the average priced house while an income of at least $119,077 is needed to afford the average priced unit.
Brisbane:
In Brisbane, an average household income of $155,489 is needed to buy the average priced house while an income of at least $99,001 is needed to afford the average priced unit.
Canberra:
In Canberra, an average household income of $186,980 is needed to buy the average priced house while an income of at least $117,945 is needed to afford the average priced unit.
Adelaide:
In Adelaide, an average household income of $139,743 is needed to buy the average priced house while an income of at least $90,538 is needed to afford the average priced unit.
Perth:
In Perth, an average household income of $116,125 is needed to buy the average priced house while an income of at least $80,697 is needed to afford the average priced unit.
Hobart:
In Hobart, an average household income of $134,823 is needed to buy the average priced house while an income of at least $102,347 is needed to afford the average priced unit.
Darwin:
In Darwin, an average household income of $116,125 is needed to buy the average priced house while an income of at least $77,744 is needed to afford the average priced unit.
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