Here’s How Much You Need To Earn If You Want To Buy A Home In Australia’s 20 Richest Suburbs

Buying a house in Australia is expensive – even more so if you’ve got your heart set on living among the nation’s elite.

Business Insider Australia looked at median house prices in suburbs with the highest-paid residents, according to tax data.

Based on lending calculators from Westpac and Aussie Home Loans, here’s what you’d need to earn to buy one (see below for methodology):

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title=”Point Piper area, NSW”
content=”Postcode: 2027
Median home price: $3,590,000
Monthly mortgage payment: $17,183
Minimum annual salary: $385,600

Image: A six-bedroom home in Point Piper, marketed by McGrath Estate Agents

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/pointpiper.jpg”
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[slide
permalink=”homeloans2″
title=”Toorak, VIC”
content=”Postcode: 3142
Median home price: $2,351,000
Monthly mortgage payment: $11,253
Minimum annual salary: $249,200

Image: A seven-bedroom home in Toorak, marketed by RT Edgar

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/toorak.jpg”
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[slide
permalink=”homeloans3″
title=”Mosman, NSW”
content=”Postcode: 2088
Median home price: $2,275,000
Monthly mortgage payment: $10,889
Minimum annual salary: $240,800

Image: A five-bedroom home in Mosman, marketed by Belle Property

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/mosman.jpg”
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[slide
permalink=”homeloans4″
title=”Hunters Hill, NSW”
content=”Postcode: 2110
Median home price: $1,825,000
Monthly mortgage payment: $8,735
Minimum annual salary: $191,300

Image: A four-bedroom home in Hunters Hill, marketed by McGrath

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/huntershill.jpg”
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[slide
permalink=”homeloans5″
title=”Vaucluse, NSW”
content=”Postcode: 2030
Median home price: $2,900,000
Monthly mortgage payment: $13,880
Minimum annual salary: $309,600

Image: A six-bedroom home in Vaucluse, marketed by Laing + Simmons

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/vaucluse.jpg”
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[slide
permalink=”homeloans6″
title=”Portsea, VIC”
content=”Postcode: 3944
Median home price: $1,350,000
Monthly mortgage payment: $6,462
Minimum annual salary: $144,200

Image: A four-bedroom home in Portsea, marketed by Jellis Craig Bennison Mackinnon

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/portsea.jpg”
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[slide
permalink=”homeloans7″
title=”Bellevue Hill, NSW”
content=”Postcode: 2023
Median home price: $3,305,000
Monthly mortgage payment: $15,819
Minimum annual salary: $354,200

Image: A four-bedroom home in Bellevue Hill, marketed by Raine & Horne

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/bellevuehill.jpg”
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[slide
permalink=”homeloans8″
title=”Cottesloe, WA”
content=”Postcode: 6011
Median home price: $1,880,000
Monthly mortgage payment: $8,998
Minimum annual salary: $197,300

Image: A five-bedroom home in Cottesloe, marketed by House Real Estate

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/cottesloe.jpg”
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[slide
permalink=”homeloans9″
title=”Northbridge, NSW”
content=”Postcode: 2063
Median home price: $2,152,000
Monthly mortgage payment: $10,300
Minimum annual salary: $227,200

Image: A four-bedroom home in Northbridge, marketed by Ray White

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/northbridge.jpg”
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[slide
permalink=”homeloans10″
title=”Woollahra, NSW”
content=”Postcode: 2025
Median home price: $1,916,000
Monthly mortgage payment: $9,171
Minimum annual salary: $201,300

Image: A four-bedroom home in Woollahra, marketed by BradfieldCleary

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/woollahra.jpg”
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permalink=”homeloans11″
title=”Mosman Park, WA”
content=”Postcode: 6012
Median home price: $1,170,000
Monthly mortgage payment: $5,600
Minimum annual salary: $126,900

Image: A four-bedroom home in Mosman Park, marketed by Shellabears

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/mosmanpark.jpg”
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[slide
permalink=”homeloans12″
title=”Dalkeith area, WA”
content=”Postcode: 6009
Median home price: $1,543,000
Monthly mortgage payment: $7,385
Minimum annual salary: $162,700

Image: A four-bedroom home in Dalkeith, marketed by Acton

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/dalkeith.jpg”
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[slide
permalink=”homeloans13″
title=”City Beach, WA”
content=”Postcode: 6015
Median home price: $1,730,000
Monthly mortgage payment: $8,280
Minimum annual salary: $180,800

Image: A four-bedroom home in City Beach, marketed by Space Real Estate

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/citybeach.jpg”
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[slide
permalink=”homeloans14″
title=”Brighton, VIC”
content=”Postcode: 3186
Median home price: $1,635,000
Monthly mortgage payment: $7,826
Minimum annual salary: $171,600

Image: A three-bedroom home in Brighton, marketed by Buxton

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/brighton.jpg”
caption=””
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]
[slide
permalink=”homeloans15″
title=”Palm Beach, NSW”
content=”Postcode: 2108
Median home price: $2,080,000
Monthly mortgage payment: $9,956
Minimum annual salary: $219,400

Image: A five-bedroom home in Palm Beach, marketed by LJ Hooker

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/palmbeach.jpg”
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[slide
permalink=”homeloans16″
title=”Albert Park”
content=”Postcode: 3206
Median home price: $1,435,000
Monthly mortgage payment: $6,869
Minimum annual salary: $152,400

Image: A four-bedroom home in Albert Park, marketed by Cayzer

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/albertpark.jpg”
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[slide
permalink=”homeloans17″
title=”Double Bay, NSW”
content=”Postcode: 2028
Median home price: $2,777,000
Monthly mortgage payment: $13,292
Minimum annual salary: $296,100

Image: A five-bedroom home in Double Bay, marketed by Laing + Simmons

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/doublebay.jpg”
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[slide
permalink=”homeloans18″
title=”Malvern, VIC”
content=”Postcode: 3144
Median home price: $1,430,000
Monthly mortgage payment: $6,845
Minimum annual salary: $151,900

Image: A four-bedroom home in Malvern, marketed by Marshall White

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/malvern.jpg”
caption=””
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[slide
permalink=”homeloans19″
title=”Killara, NSW”
content=”Postcode: 2071
Median home price: $1,600,000
Monthly mortgage payment: $7,658
Minimum annual salary: $168,200

Image: A five-bedroom home in Killara, marketed by LJ Hooker

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/killara.jpg”
caption=””
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]
[slide
permalink=”homeloans20″
title=”Paddington, NSW”
content=”Postcode: 2021
Median home price: $1,590,000
Monthly mortgage payment: $7,610
Minimum annual salary: $167,300

Image: A three-bedroom home in Paddington, marketed by Raine & Horne

image=”http://edge.alluremedia.com.au/uploads/businessinsider/2014/02/paddington.jpg”
caption=””
credit=””
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]
[/slideshow]

SEE ALSO: Here’s How Much You Need To Earn To Buy An Average Home In 20 Of Australia’s Richest Suburbs

Methodology: Calculations are based on 5.98% interest rate over 30 years, on 80% of the median house price in that postcode. This assumes a 20% deposit to avoid mortgage insurance.

Median house prices are taken from the Australian Property Monitors’ Home Price Guide and do not include stamp duty or other one-off costs such as legal fees.

We used the Westpac repayment calculator and the Aussie borrowing power calculator; the latter assumes monthly personal expenses of $1,410 and credit card repayments of $350, based on the average expenditure of a single homebuyer with no dependents.

Note that the minimum annual salary calculated here is much higher than the average taxable income reported in 2010-11, implying that many houses are supported by more than one income, and many homebuyers don’t tend to buy the most expensive home they can afford. These median house prices also don’t account for units, which tend to be cheaper.

Borrowing power very much depends on individual circumstances, the level of current debt, regular expenses, financial history and number of dependents. You should seek independent advice before making financial decisions.