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Suburbtrends report reveals Aussie households need to earn more than $300k a year to buy an affordable home

Australians need to earn more than $300,000 a year to buy a home, according to “worrying” new housing data.

Analysing more than 22,000 property sales in October 2023, market researcher Suburbtrends’ latest report found median-priced homes in Australia are nine times the average annual income.

This means to buy an “affordable” home, Australian households would need to earn an average $301,769.

Suburbtrends used the median multiple, the global standard for housing affordability, to determine its figures.

The median multiple is the ratio of the median house price to the median annual household income.

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Using this, an affordable housing market should have a median multiple of 3.0 or less, Suburbtrends said.

Australia’s housing market has a median multiple of 9.1.

Suburbtrends said these figures highlight “a market that favours the wealthy” and the Australian dream of becoming a homeowner is “becoming a distant prospect for many”.

The research also broke down the figures for specific areas in each state and territory.

For Sydney’s Northern Beaches, the median income required to buy an “affordable” house was $600,000, while in Sydney’s outer southwest it was $292,167.

In inner Melbourne, the median income was $242,250, just slightly below Geelong’s median income of $243,333.

On the Gold Coast, an Aussie family needs to earn $282,500 a year to buy an affordable home, while those in Brisbane’s inner city would have to earn $223,333.

Suburbtrends chief analyst Kent Lardner said the research paints a “worrying scenario”.

“In Australia, homeownership is increasingly becoming a domain for the affluent,” he said.

“This isn’t merely about numbers, it’s about the erosion of the Australian dream. Homeownership is slipping out of reach for average earners.”

Lardner noted shared-equity schemes, such as the federal government’s Help To Buy initiative, are a good attempt at helping Aussies reach their goal of homeownership, however he warned it could inflate housing prices.

“While shared-equity schemes may provide immediate relief, there’s a risk they could further inflate housing prices, driving the median multiple even higher,” he said.

“Such strategies, though well-intentioned, might only serve as a short-term solution, potentially exacerbating the long-term affordability crisis.”

The Albanese government is delivering the Help To Buy Scheme as part of a 2022 election promise. Eligible home buyers can purchase a property with an equity contribution from the government.

The scheme is set to commence in 2024.

To address housing affordability, Lardner said a balanced approach needs to be taken.

“It’s crucial that we not only increase supply but also address the core problem of house prices relative to income,” he said.

“Strategies that worsen this metric could lead to greater pain in the long term.”

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