New research has provided a new sign of just how hard the Sydney housing market is for singles.
Comparison site Compare the Market discovered solo wage earners were being locked out of the city’s property market.
It found of Sydney’s 635 metropolitan suburbs, not one was affordable for a single person earning a median weekly income of $1416.
On that income, a solo property owner would have to spend more than 30 per cent of their wages servicing a loan, putting them in mortgage stress.
“This includes putting down that 20 per cent deposit, and for many that is out of reach already,” Compare the Market’s Chris Ford said.
“But then you’ve got to include not just those mortgage repayments but insurances, rates, ongoing maintenance that might be required as well … and an already stretched budget is really pushed to its limit.”
It’s a little easier for couples but the analysis found only 126 suburbs were affordable on a two-person income.
This includes the likes of Cabramatta, Liverpool, Mt Druitt, Berkley Vale and Carramar.
Corelogic data shows the median house price did fall slightly in the past quarter, but it still stands at almost $1.5 million ($1,474,032.)
Unit prices also dipped sljghtly, however the median price remains at almost $860,000 ($857,969).
Most property commentators believe house prices will rise if interest rates continue to fall.
Australian city world’s second most unaffordable
