Melbourne prices catch up with Sydney

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Rising house prices has put Melbourne’s level of unaffordability on par with Sydney.

A new report from the National Centre for Social and Economic Modelling found 56% of Melbourne’s first-home buyers pay more than 30% of their disposable income on housing costs – a dramatic increase compare with 36% a decade ago.

Median house prices in Melbourne have grown 138% in 10 years to $475,000. Meanwhile, disposable incomes for households have increased by only 58%.

“So there’s a massive disconnect between house prices and incomes,” said report author Ben Phillips.

The report found similar increases in mortgage stress in Brisbane, while Perth and Adelaide remain more affordable.

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