Home hunters would need a pay rise of as much as $28,000 since April to afford a median-priced house even though property prices are falling, because mortgage repayments are more expensive now, new modelling shows. heagney_melissa
Home buyers would need to earn tens of thousands of dollars more to buy a typical house now compared to if they bought in April.
In Sydney, someone hoping to buy the median house for $1,283,502, would have to earn about $28,000 more than they did if they had purchased in April to get approved for a home loan, calculations from Canstar show. The modelling includes a 3 per cent buffer from the banks, and assumes that borrowers will have a 20 per cent deposit and slash their living expenses to rock bottom levels. It assumes interest rates rise and house prices fall as Westpac forecasts.Rhett Wyman
“A lot of people are still adjusting their budgets because they realise their redraw or offset accounts or their savings is being cleaved into.”
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