No room for singles at the property table

If you’re single, on an average income and looking to buy a home, your dream is unlikely you’ll attainable your dream in six of Australia’s capital cities.You man carrying his wife upstairs in their new house

New analysis by shows  Hobart and Adelaide remain the last affordable capital cities for the nation’s singles with a salary of $59,441 and $72,529 needed respectively to afford repayments* on a 30-year mortgage (with a deposit of 20 per cent at today’s average variable rate of 4.74 per cent).

Property prices on the east coast of Australia continue to rise to unattainable highs with a person looking to buy in Brisbane or Melbourne requiring an $80,866 and $96,706 salary respectively to afford a median priced house.

“Our analysis reveals a reality that many young Australians are now living; the impossibility of affording a median-priced house on an average salary in most capital cities,” said Peter Arnold, data insights director at

“Those wanting to live in the nation’s capital will require a salary of $97,756 while Sydney’s property boom puts it at the top of the list with a six-figure salary of $137,556 needed to comfortably fund a mortgage on a median-priced house.

“Without a partner or family member to share mortgage costs with, the numbers paint a grim picture for millennials, many of which may be squeezed out.

Even as part of a couple, east coast property prices are out of reach for many Australians,” he said.

“Many first home buyers, including young families, may find that they have to move away from careers in the CBD and the support of families to more affordable parts of Australia.

This could have long term effects on Australian society and bring with it challenges for the future in many areas, including transport and childcare.”

How much you need to earn to buy a home

Capital cities

Location Median house price Loan size assuming borrowing 80% Monthly repayment Monthly household income needed* Annual household income needed*
Sydney $825,000 $660,000 $3,439 $11,463 $137,556
Melbourne $580,000 $464,000 $2,418 $8,059 $96,706
Brisbane $485,000 $388,000 $2,022 $6,739 $80,866
Adelaide $435,000 $348,000 $1,813 $6,044 $72,529
Perth $520,000 $416,000 $2,168 $7,225 $86,702
Hobart $356,500 $285,200 $1,486 $4,953 $59,441
Darwin $570,000 $456,000 $2,376 $7,920 $95,039
Canberra $586,300 $469,040 $2,444 $8,146 $97,756
Capital city average $544,725 $435,780 $2,271 $7,569 $90,824


States & Territories

Location Median house price Loan size assuming borrowing 80% Monthly repayment Monthly household income needed* Annual household income needed*
NSW $408,600 $326,880 $1,703 $5,677 $68,128
Victoria $310,000 $248,000 $1,292 $4,307 $51,688
Queensland $420,100 $336,080 $1,751 $5,837 $70,045
South Australia $275,000 $220,000 $1,146 $3,821 $45,852
Western Australia $375,000 $300,000 $1,563 $5,210 $62,525
Tasmania $268,000 $214,400 $1,117 $3,724 $44,685
Northern Territory $458,000 $366,400 $1,909 $6,364 $76,364

Source:, ABS Residential Property Price Indexes, March house prices (June 2016).


Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.


Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.

Brett Warren


Brett Warren is Director of Metropole Properties Brisbane and uses his 13 plus years property investment experience to advise clients how to grow, protect and pass on their build their wealth through property. Visit: Metropole Brisbane

'No room for singles at the property table' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts