Australians wanting to buy a home have been dealt a fresh blow, with data revealing the real amount you should be earning to be able to pay the mortgage.
Across the eight capital cities combined – assuming the median house price is $866,000 and median unit is $620,000, and the average income is $98,218 – respective yearly incomes of $186,940 and $133,837 are needed to keep repayments under 30 per cent of income. Greens housing spokesman Max Chandler Mather said the analysis showed the system was “broken”, and renewed his calls for Labor to wind back negative gearing and scrap capital gains tax concessions.
Housing Minister Julie Collins said if the Greens wanted to bring home ownership “back into reach” for 40,000 Australian households they should help pass Help to Buy. Housing Minister Julie Collins said the Labor government was trying to make home ownership more accessible for more people. Picture: NCA NewsWire / Martin Ollman
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