Even high-income earners would be locked out of buying a house in many suburbs due to the double whammy of high property prices and high interest rates.
Even high-income earners would be locked out of buying a house in many suburbs due to the double whammy of high property prices and high interest rates, new modelling shows.
Even a couple paid extremely high incomes of $300,000 each would not be able to break into a handful of Melbourne and Perth neighbourhoods – and would be priced out of at least 60 suburbs in Sydney. In Sydney, the same couple could not afford the typical house in suburbs such as Turramurra, Cammeray, Lane Cove, Concord, Balmain East, Abbotsford, Malabar, Coogee or Clovelly. If they chose an apartment instead, all suburbs are within reach.
“Even very high-income Australians are facing being priced out of certain markets … It doesn’t matter if you’re on a very high wage, the housing market is more intergenerational wealth game at this stage.” “$200,000 is the new $80,000 – $200,000, to me, doesn’t go very far,” he said, in terms of how much money a worker on that salary could borrow.
“It’s very quickly that high income now dissipates … actually to live in Sydney I’d say $250,000 is a minimum.”
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