MAP: The salary you need to buy a median-priced home in each of Australia's major cities

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To buy a median-priced property in Sydney you need to be earning more than $106,000 a year.

The average annual wage in Australia is around $75,000, which means as property prices in Australia continue their hot run, more people are finding buying home is an unattainable dream.

Whichrealestateagent.com has run some numbers to figure out how much a person needs to earn to buy a median-priced house in some of Australia’s major cities.

While the median house price can vary significantly between suburbs, the calculations are based on a single person who has no dependants and puts down a 20% deposit on a 25-year home loan at an interest rate of 5%. The calculations are also based on having annual expenses of $17,907 and all other after tax income is allocated to making loan repayments.

What it found was Hobart, Adelaide, Brisbane and Perth were the most affordable capital cities. To purchase a median priced home in those cities a homebuyer needs an annual salary of less than $66,500.

Here’s the map.

Source: Which Real Estate Agent.

And here’s the breakdown.

Sydney
Median house price: $900,000
Salary required: $106,000

Hobart
Median house price: $347,000
Salary required: $49,000

Adelaide
Median house price: $430,000
Salary required: $57,100

Brisbane
Median house price: $487,000
Salary required: $62,900

Perth
Median house price: $525,000
Salary required: $66,500

Darwin
Median house price: $585,000
Salary required: $72,500

Canberra
Median house price: $590,000
Salary required: $73,300

Melbourne
Median house price: $615,000
Salary required: $75,400

NOW READ: I bought my first property in Sydney’s wild housing market a year ago — here’s what I’ve learned

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