New data reveals a concerning rise in the income needed to qualify for a home loan in Australia. Westpac data shows a sharp increase in the percentage of loans going to households earning between $200,000 and $500,000, while those earning below the national average of $100,000 are struggling to enter the market. Experts attribute this trend to high interest rates, soaring inflation, and limited housing supply, making homeownership increasingly difficult for many Australians.
Shocking data has revealed the “obscene” amount of money Aussies need to be earning to purchase property as limited housing supply, high interest rates and rocketing inflation hinder potential homeowners.Shocking data has revealed the “obscene” amount of money Aussies need to be earning to purchase property as limited housing supply, high interest rates and rocketing inflation hinder potential homeowners.
Westpac data showed the hefty upward trend in salary of those receiving home loans. Picture: Lisa Maree Williams/Getty Images “It’s becoming obscene the amount of money that people need to buy a house these days,” Mr Finch told SkyNews.com.au. CoreLogic found home values on a national average were up 4.9 per cent in 2024, while they also soared in 2023 and in 2021 and dropped in 2022 .
“Until they can get those ratios back into line unfortunately, they’ll continue to face issues,” he said. The huge sums needed to break into the market are also forcing many first home buyers to opt for a smaller home or go for an investment property for their first purchase.
Australian Housing Market Homeownership Loan Requirements Income Inequality Inflation
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