How much money you need to earn to buy a house in Sydney
September 22nd, 2024 | Post by :- | 43 Views

Potential home buyers relying on their income alone would be hard-pressed to buy a house or unit in Sydney as sky-high property prices push the Australian Dream further out of reach.

Sydneysiders would need a six-figure income to afford a home in almost any pocket of the city, new Canstar modelling shows.

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Central Coast $910,000 $157,000 $80,000 x2 $182,000
Sydney – Baulkham Hills and Hawkesbury $1,861,000 $324,000 $149,000 x2 $372,200
Sydney – Blacktown $1,085,750 $185,000 $92,000 x2 $217,150
Sydney – City and Inner South $1,970,000 $343,000 $157,000 x2 $394,000
Sydney – Eastern Suburbs $3,700,000 $654,000 $308,000 x2 $740,000
Sydney – Inner South West $1,555,000 $268,000 $126,000 x2 $311,000
Sydney – Inner West $2,422,500 $425,000 $193,000 x2 $484,500
Sydney – North Sydney and Hornsby $2,920,000 $514,000 $238,000 x2 $584,000
Sydney – Northern Beaches $2,570,000 $451,000 $206,000 x2 $514,000
Sydney – Outer South West $945,000 $163,000 $82,000 x2 $189,000
Sydney – Outer West and Blue Mountains $930,000 $160,000 $81,000 x2 $186,000
Sydney – Parramatta $1,327,000 $227,000 $109,000 x2 $265,400
Sydney – Ryde $2,390,000 $419,000 $190,000 x2 $478,000
Sydney – South West $1,100,000 $187,000 $93,000 x2 $220,000
Sydney – Sutherland $1,677,500 $290,000 $134,000 x2 $335,500

In Sydney’s eastern suburbs, a couple would need a salary of $308,000 each to afford the repayments on a $3.7 million house – the median price in the region in the June quarter on Domain data.

In the North Sydney and Hornsby region, couples would need pay packets of $238,000 each to afford repayments on the median house price of $2.92 million.

On the northern beaches, couples would need to earn $206,000 a year each to afford the median house price of $2.57 million.

Couples in seven other regions of Sydney would still need to earn well above $100,000 each to afford the median house price.

The modelling assumes an average variable rate of 6.28 per cent over 30 years and a 20 per cent deposit.

Single buyers face slim pickings, and they could only afford the median unit in south-west or outer south-west Sydney with an income around the average national income of $100,017 on the latest ABS data.

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