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.
$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.But both are well above the average full-time salary in Australia, which sits at almost $96,000, according to the ABS.
Earnings needed to be able to afford the average house or apartment in Australia are well above the average full-time wage. Picture: Newscorp-Daily Telegraph/Gaye Gerard. 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.“While not impossible, there are a lot of things to consider for those aspiring to own a home.”Aussies need to be earning a minimum household income of $182,000 a year to buy an average-priced house. Picture: NCA NewsWire/Max Mason-Hubers.
The following figures are based on a 6.24 per cent variable home loan rate and a 20 per cent deposit.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.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.
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