Sydney's average property price has returned to above $1 million, according to new data from CoreLogic. 9News
Canstar research found wages are falling up to $145,000 short of what would be needed to comfortably pay a mortgage along with the household bills in the country's capital cities.
In Melbourne, potential homebuyers earn $93,000 which is $81,000 short of the target salary to afford a home. "Rising property prices are cementing the fact that a single-income earner can't buy a home on their own wage without incurring significant mortgage stress."
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