The latest data from property analytics firm CoreLogic unveils Australians’ annual income threshold to afford a house.
Based on the analytics and data from CoreLogic, here is how much money Australians need to earn each year to buy a house.
- At an average price of $867,188, prospective homebuyers must have a minimum annual household income of $171,223.
- For purchasing an average unit priced at $610,789, a household would require an income of $120,598.
- Australian Bureau of Statistics (ABS) data reveals homeownership is nearly out of reach for single-income earners, with the average full-time worker making $98,218 annually.
In Sydney, the data shows the following:
- An average home priced at $1.3 million needs a minimum income of $263,195.
- Sydney unit averaging $755,000 requires an income of $149,072 annually.
As of 2024, the average annual wage in Australia stands at around AUD 89,122, equating to AUD 7,427 monthly or AUD 43.06 hourly.
However, these numbers are averages and may significantly fluctuate based on factors such as job, industry, location, and experience level.
Canberra ranks as the next most expensive capital city for house purchase, requiring a minimum average income of $185,599.
Darwin emerges as the most affordable city for house acquisition, with an average cost of $390,000.
Based on the data above, I believe it’s getting harder for ordinary Australian workers to acquire homes and it doesn’t look like it will get better soon.
The article was written with data and computation from CoreLogic and 7News
