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The goal of owning a home on a single income will remain a distant dream for many according to new analysis done by Finder.com.au. Looking at the latest figures from property data company CoreLogic, the comparison site has revealed just how much money Australians need to earn each year to buy a house. With an average price of $867,188, those wishing to buy a house need a minimum household income of $171,223 a year.
On the other end of the scale, the cheapest city to buy a house in is Darwin, costing an average of $390,000. Australians would need to earn a minimum household income of $77,004 to buy a home in the top end. Finder head of consumer research Graham Cooke said the data is concerning for prospective first-time buyers. “Many Australians dream of owning their own home, but it’s becoming increasingly difficult to get your foot in the door,” he said.
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