Couples must now both earn six-figure salaries to afford a home in the majority of Sydney areas, new data from Canstar has revealed.
The average Australian salary is just over $100,000, according to data from the Australian Bureau of Statistics (ABS).
Sydney’s eastern suburbs have a median house price of almost $4,000,000, while the north shore, northern beaches, inner west and Ryde all clocked in with median house prices over $2,000,000.
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Hopeful buyers for the former area would need to earn more than $650,000 on their own, or more than $300,000 individually if buying as a couple.
The latter four areas all require individual salaries of $419,000 to $514,000 or $190,000 to $238,000 each for a couple.
Parramatta, Sydney’s south west, Blacktown, the outer south west, outer west and Blue Mountains are the most affordable places to buy a house, though the former three all have median prices over $1,000,000.
To buy a home in these areas, prospective buyers would need to earn $160,000 to $227,000 on their own, or $81,000 to $109,000 each as a couple.
Units remain the more affordable option, with the most expensive units on par with the cheapest homes.
Sydney’s eastern suburbs, northern beaches, north Sydney and Hornsby, city and inner south, Baulkham Hills and Hawkesbury areas are the most expensive places to buy a unit, with median prices ranging from $845,000 to $1,275,000.
Hopeful buyers would need to earn $147,000 to $218,000 on their own, or $75,000 to $106,000 individually if buying as a couple.
Parramatta, Blacktown, the outer west and Blue Mountains, outer south west and south west are the most affordable places to buy a unit, clocking in with median prices ranging from $485,000 to $597,500.
Prospective buyers would need to earn a single income of $95,000 to $111,000, or $50,000 to $58,000 individually if buying as a couple.
It comes after Canstar data also revealed men aged 35 to 54 are Australia’s highest earners with an average salary of $103,955.
Close behind are men aged 45 to 54, who bring home an average salary of $101,400.
Meanwhile, women in the same age brackets take home just $83,200 and $85,800 on average respectively — or a difference of $20,755 and $15,600.
In the 25 to 34 age bracket, men earn $83,200 on average which is $5200 more in their pockets on average than women the same age, who earn $78,000 in comparison.
House prices skyrocketing
Sydney’s eastern suburbs have a median house price of $3,700,000 — or a 20 per cent deposit of $740,000— so requires a single income of $654,000 or dual income of $308,000 each.
The north Sydney and Hornsby areas have a median house price of $2,920,000 — or a 20 per cent deposit of $584,000 — so require a single income of $514,000 or dual income of $238,000 each.
Sydney’s northern beaches have a median house price of $2,570,000 — or a 20 per cent deposit of $514,000 — so require a single income of $451,000 or dual income of $206,000 each.
Sydney’s inner west has a median house price of $2,422,500 — or a 20 per cent deposit of $484,500 — so requires a single income of $425,000 or dual income of $193,000 each.
Ryde in Sydney has a median house price of $2,390,000 — or a 20 per cent deposit of $478,000 — so requires a single income of $419,000 or dual income of $190,000 each.
Sydney’s city and inner south areas have a median house price of $1,970,000 — or a 20 per cent deposit of $394,000— so requires a single income of $343,000 or dual income of $157,000 each.
Sydney’s Baulkham Hills and Hawkesbury area has a median house price of $1,861,000 — or a 20 per cent deposit of $372,200 — so requires a single income of $324,000 or dual income of $149,000 each.
Sydney’s Sutherland area has a median house price of $1,677,500 — or a 20 per cent deposit of $335,500 — so requires a single income of $290,000 or dual income of $134,000 each.
Sydney’s inner south west has a median house price of $1,555,000 — or a 20 per cent deposit of $311,000 — so requires a single income of $268,000 or dual income of $126,000 each.
Parramatta has a median house price of $1,327,000 — or a 20 per cent deposit of $265,400 — so requires a single income of $227,000 or dual income of $109,000 each.
Sydney’s south west has a median house price of $1,100,000 — or a 20 per cent deposit of $220,000 — so requires a single income of $187,000 or dual income of $93,000 each.
Blacktown in Sydney has a median house price of $1,085,750 — or a 20 per cent deposit of $217,150 — so requires a single income of $185,000 or dual income of $92,000 each.
Sydney’s outer south west has a median house price of $945,000 — or a 20 per cent deposit of $189,000 — so requires a single income of $163,000 or dual income of $82,000 each.
Sydney’s outer west and Blue Mountains have a median house price of $930,000 — or a 20 per cent deposit of $186,000 — so requires a single income of $160,000 or dual income of $81,000 each.
Units the new normal?
Sydney’s eastern suburbs have a median unit price of $1,275,000 — or a 20 per cent deposit of $255,000 — so requires a single income of $218,000 or dual income of $106,000 each.
Sydney’s northern beaches have a median house price of $1,180,000 — or a 20 per cent deposit of $236,000 — so require a single income of $201,000 or dual income of $99,000 each.
The north Sydney and Hornsby areas have a median unit price of $950,000 — or a 20 per cent deposit of $190,000 — so require a single income of $163,000 or dual income of $83,000 each.
Sydney’s city and inner south areas have a median unit price of $940,000 — or a 20 per cent deposit of $188,000 — so requires a single income of $162,000 or dual income of $82,000 each.
Sydney’s Baulkham Hills and Hawkesbury area has a median unit price of $845,000 — or a 20 per cent deposit of $169,000 — so requires a single income of $147,000 or dual income of $75,000 each.
Sydney’s inner west has a median unit price of $841,250 — or a 20 per cent deposit of $168,250 — so requires a single income of $146,000 or dual income of $75,000 each.
Sydney’s Sutherland area has a median unit price of $805,000 — or a 20 per cent deposit of $161,000 — so requires a single income of $141,000 or dual income of $73,000 each.
Ryde in Sydney has a median unit price of $780,000 — or a 20 per cent deposit of $156,000 — so requires a single income of $137,000 or dual income of $71,000 each.
Sydney’s inner south west has a median unit price of $673,750 — or a 20 per cent deposit of $134,750 — so requires a single income of $122,000 or dual income of $63,000 each.
Parramatta has a median unit price of $597,500 — or a 20 per cent deposit of $119,500 — so requires a single income of $111,000 or dual income of $58,000 each.
Blacktown in Sydney has a median unit price of $580,000 — or a 20 per cent deposit of $116,000 — so requires a single income of $108,000 or dual income of $57,000 each.
Sydney’s outer west and Blue Mountains have a median unit price of $570,000 — or a 20 per cent deposit of $114,000 — so requires a single income of $107,000 or dual income of $56,000 each.
Sydney’s outer south west has a median unit price of $512,000 — or a 20 per cent deposit of $102,400 — so requires a single income of $99,000 or dual income of $52,000 each.
Sydney’s south west has a median house price of $485,000 — or a 20 per cent deposit of $97,000 — so requires a single income of $95,000 or dual income of $50,000 each.