Median-priced housing out of reach for most

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A new analysis by comparison website showed that six out of eight Australian capital cities have a median price that is unaffordable on an average single income.

Only Hobart and Adelaide were deemed affordable to singles having an average salary of $59,441 and $72,529 respectively. Meanwhile, those who want to buy a house in Brisbane and Melbourne would need to have an average salary of $80,866 and $96,706 respectively to be able to afford repayments on a 30-year mortgage.

“Our analysis reveals a reality that many young Australians are now living: the impossibility of affording a median-priced house on an average salary in most capital cities,” said Peter Arnold, data insights director at

“Those wanting to live in the nation’s capital will require a salary of $97,756 while Sydney’s property boom puts it at the top of the list with a six-figure salary of $137,556 needed to comfortably fund a mortgage on a median-priced house.”

Arnold added that millennials would need the help of a partner or a family member to afford mortgage costs. But even couples are having a hard time landing a property on the east coast.

“Many first home buyers, including young families, may find that they have to move away from careers in the CBD and the support of families to more affordable parts of Australia,” said Arnold.

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  • MrE says on 30/09/2016 06:59:35 PM

    "Whether you think you can or you think you can't, you're right"- Henry Ford.

    I roll my eyes at these nonsense articles. What's a single person on an average wage doing buying a median priced house? Median priced houses are usually 3 bedrooms or more. This measure has never made sense and is never questioned.

    So, if you're only using a single income, best to pick a more relevant property such as a 1 bedroom apartment. There's one for sale in Gladesville $500k, 10km from the CBD.

    $500/wk repayments P&I at 5.5%. On $84k median income, after tax one could comfortably pay the mortgage and even contribute an extra $300+/wk to smash through the mortgage significantly quicker and still have $400/wk left over.

    That is very much the definition of affordable.

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