Here's How Much You Need To Earn To Buy An Average Home In 15 Australian Cities

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The cost of buying a house in Australia jumped by about 10 per cent last year to a median of $597,556.

Of course, that’s an average. There are cheaper and more expensive houses to buy, depending on where you want to live.

We looked at the median prices in the capital cities and a selection of regional cities, according to Australian Property Monitors and RP Data, and calculated what you would need to earn as a very minimum, leaving just enough to pay for essentials, and to borrow 80%. There are some more notes on the calculations below.

Here are the numbers:

SYDNEY

Median home price: $763,169
Amount Borrowed: $610,535
Monthly mortgage payment: $3,665
Minimum annual salary: $88,000

MELBOURNE

Median home price: $568,824
Amount Borrowed: $455,059
Monthly mortgage payment: $2,733
Minimum annual salary: $70,000

BRISBANE

Median home price: $461,638
Amount Borrowed: $369,310
Monthly mortgage payment: $2,253
Minimum annual salary: $61,000

ADELAIDE

Median home price: $446,153
Amount Borrowed: $356,922
Monthly mortgage payment: $2199
Minimum annual salary: $60,000

CANBERRA

Median home price: $588,242
Amount Borrowed: $470,593.6
Monthly mortgage payment: $2840
Minimum annual salary: $72,000

PERTH

Median home price: $605,856
Amount Borrowed: $484,684
Monthly mortgage payment: $2,946
Minimum annual salary: $74,000

HOBART

Median home price: $326,304
Amount Borrowed: $261,043
Monthly mortgage payment: $1,600
Minimum annual salary: $50,000

DARWIN

Median home price: $687,842
Amount Borrowed: $550,273
Monthly mortgage payment: $3,316
Minimum annual salary: $81,000

NEWCASTLE

Median home price: $355000
Amount Borrowed: $284,000
Monthly mortgage payment: $1,700
Minimum annual salary: $51,000

WAGGA WAGGA

Median home price: $230,000
Amount Borrowed: $184,000
Monthly mortgage payment: $1,100
Minimum annual salary: $40,000

WOLLONGONG

Median home price: $360,000
Amount Borrowed: $288,000
Monthly mortgage payment: $1,700
Minimum annual salary: $52,000

CAIRNS

Median home price: $205,000
Amount Borrowed: $164,000
Monthly mortgage payment: $1,000
Minimum annual salary: $38,000

GEELONG

Median home price: $298,750
Amount Borrowed: $239,000
Monthly mortgage payment: $1,400
Minimum annual salary: $46,000

KALGOORLIE/BOULDER

Median home price: $237,500
Amount Borrowed: $190,000
Monthly mortgage payment: $1,100
Minimum annual salary: $41,000

ROEBOURNE

Median home price: $621,800
Amount Borrowed: $497,440
Monthly mortgage payment: $3,000
Minimum annual salary: $76,000

(Note: Repayments based on 5.98% interest rate over 30 years. Amount to be borrowed represents 80% of purchase price, the average home price. Assumes a 20% deposit to avoid mortgage insurance. Purchase price is the market price and does not include state stamp duty or other one-off costs such as legal fees. We used the Westpac repayment calculator and the Aussie borrowing power calculator. The calculations assume monthly personal expenses of $1,400 and credit card repayments of $350. 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.)

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