The median house price in one suburb has risen to nearly $4 million.
To afford a home in Sydney, couples have to earn a staggering amount of money, with the median house price in one suburb having risen to nearly $4,000,000.
New data from Canstar shows that in most areas of Sydney, couples now need to have a six-figure salary to afford a home.
According to the Australian Bureau of Statistics (ABS), the average salary in Australia is just over $100,000).
The median house price in Sydney’s eastern suburbs is close to $4 million, while the median house price in the North Shore, Northern Beaches, Inner West and Ryde is over $2 million.
The personal income of the homebuyer in the former area must be more than $650,000, and if a couple is buying a home, the personal income must be more than $300,000.
The last four fields all require an individual salary of $419,000 to $514,000, or a couple’s salary of $190,000 to $238,000 per person.
Parramatta, Sydney’s south west, Blacktown, outer south west, outer west and the Blue Mountains are the cheapest places to buy a property, although the first three regions all have median house prices above $1 million.
To buy a home in these areas, potential buyers need to earn between $160,000 and $227,000 as an individual and $81,000 to $109,000 as a couple.
Apartments remain the more affordable option, with the most expensive apartments priced similarly to the cheapest houses.
Sydney’s eastern suburbs, northern beaches, north Sydney and Hornsby, the city and inner south, Baulkham Hills and Hawkesbury are the most expensive places to buy an apartment, with median prices ranging from $845,000 to $1,275,000.
Interested buyers need to make between $147,000 and $218,000 on their own, or between $75,000 and $106,000 if buying as a couple.
The latest data from Canstar shows that in most areas of Sydney, couples now need to earn six figures a year to afford a house. Source: AAP
Parramatta, Blacktown, the outer west and Blue Mountains, outer south west and south west are the cheapest places to buy an apartment, with average prices ranging from $485,000 to $597,500.
Potential buyers need an individual income of $95,000 to $111,000, or $50,000 to $58,000 if they are a couple.
Previously, Canstar data also showed that men aged 35 to 54 were the highest earners in Australia, with an average salary of $103,955.
Close behind are men aged 45 to 54, who earn an average of $101,400.
Meanwhile, women in the same age group earned an average of just $83,200 and $85,800 respectively, a difference of $20,755 and $15,600.
Men aged 25 to 34 made an average of $83,200, $5,200 more than women of the same age, who made an average of $78,000.
House prices skyrocketing
The average house price in Sydney’s eastern suburbs is $3.7 million, or a 20 per cent deposit of $740,000, which would require a single income of $654,000, or a couple’s income of $308,000 each.
The median house price in North Sydney and Hornsby is $2,920,000, or a 20 per cent deposit of $584,000, which would require a single income of $514,000 or a couple’s income of $238,000 each.
The median house price in Sydney’s Northern Beaches is $2,570,000, or a 20 per cent deposit of $514,000, which would require a single income of $451,000 or a couple’s income of $206,000 each.
The average house price in Sydney’s inner west is $2,422,500, or a 20 per cent deposit of $484,500, which would require a single income of $425,000 or a couple’s income of $193,000 each.
The median house price in Sydney’s Ryde is $2,390,000, or a 20 per cent deposit of $478,000, which would require a single income of $419,000 or a couple’s income of $190,000 each.
The average house price in Sydney’s city and inner south is $1,970,000, or a 20 per cent deposit of $394,000, requiring a single income of $343,000 or a couple’s income of $157,000 each.
The median house price in Sydney’s Baulkham Hills and Hawkesbury area is $1,861,000, or a 20 per cent deposit of $372,200 would require a single income of $324,000 or a couple’s income of $149,000 each.
The median house price in Sydney’s Sutherland area is $1,677,500, or a 20 per cent deposit of $335,500 would require a single income of $290,000 or a couple’s income of $134,000 each.
The average house price in Sydney’s inner south-west is $1,555,000, or a 20 per cent deposit of $311,000 would require a single income of $268,000 or a couple’s income of $126,000 each.
The median house price in Parramatta is $1,327,000, or a 20 per cent deposit is $265,400, so a single income of $227,000 or a couple’s income of $109,000 each is required.
The average house price in south-west Sydney is $1,100,000, or a 20 per cent deposit of $220,000, requiring a single income of $187,000 or a couple’s income of $93,000 each.
The median house price in Sydney’s Blacktown is $1,085,750, or a 20 per cent deposit of $217,150, which would require a single income of $185,000 or a couple’s income of $92,000 each.
The average house price in Sydney’s outer south-west is $945,000, or a 20 per cent deposit of $189,000 would require a single income of $163,000 or a couple’s income of $82,000 each.
The average house price in Sydney’s outer west and Blue Mountains is $930,000, or a 20 per cent deposit of $186,000, which would require a single income of $160,000 or a couple’s income of $81,000 each.
Units the new normal?
The average price of an apartment in Sydney’s eastern suburbs is $1,275,000, or a 20 per cent deposit of $255,000, requiring a single income of $218,000 or a couple’s income of $106,000 each.
The median house price in Sydney’s Northern Beaches is $1,180,000, or a 20 per cent deposit of $236,000, which would require a single income of $201,000 or a couple’s income of $99,000 each.
The average price of an apartment in North Sydney and Hornsby is $950,000, or a 20 per cent deposit of $190,000, which would require a single income of $163,000 or a couple’s income of $83,000 each.
The average price of an apartment in Sydney’s city and inner south is $940,000, or a 20 per cent deposit of $188,000, which would require a single income of $162,000 or a couple’s income of $82,000 each.
The average price of an apartment in Sydney’s Baulkham Hills and Hawkesbury area is $845,000, or a 20 per cent deposit of $169,000, requiring a single income of $147,000 or a couple’s income of $75,000 each.
The average price of an apartment in Sydney’s inner west is $841,250, or a 20 per cent deposit of $168,250, requiring a single income of $146,000 or a couple’s income of $75,000 each.
The average price of an apartment in Sydney’s Sutherland area is $805,000, or a 20 per cent deposit of $161,000, which would require a single income of $141,000 or a couple’s income of $73,000 each.
The average price of an apartment in Ryde, Sydney is $780,000, or a 20 per cent deposit of $156,000, requiring a single income of $137,000 or a couple income of $71,000 each.
The average price of an apartment in Sydney’s inner south-west is $673,750, or a 20 per cent deposit of $134,750, requiring a single income of $122,000 or a couple’s income of $63,000 each.
The average price of an apartment in Parramatta is $597,500, or a 20 per cent deposit of $119,500, requiring a single parent income of $111,000 or two parents incomes of $58,000 each.
The average price of an apartment in Blacktown, Sydney, is $580,000, or a 20 per cent deposit of $116,000, which would require a single income of $108,000 or a couple’s income of $57,000 each.
The average price of an apartment in Sydney’s outer west and Blue Mountains is $570,000, or a 20 per cent deposit of $114,000, requiring a single parent income of $107,000 or two parents’ incomes of $56,000 each.
The average price of an apartment in Sydney’s outer south-west is $512,000, or a 20 per cent deposit of $102,400, requiring a single income of $99,000 or a couple’s income of $52,000 each.
The average house price in south-west Sydney is $485,000, or a 20 per cent deposit of $97,000, which would require a single income of $95,000 or a couple’s income of $50,000 each.
