How Much Income Do You Need to Buy a Property in Sydney?
If you’ve ever wondered what kind of income it takes to buy a property in Sydney, you're not alone. Sydney’s housing market is famous for its price tags, but with the right planning, buying a home or unit could be more achievable than you think. In this blog, we break down the income needed to afford a median-priced home or unit across different areas of Sydney and give you insider tips on how to navigate the market effectively.
Why Understanding Sydney’s Property Market Matters
The numbers can be overwhelming, but knowing the exact income needed to enter the Sydney market will give you a clear path to property ownership. Whether you’re single or purchasing as a couple, this blog will equip you with the insights you need to make a smart, informed decision.
How Much Income Do You Need to Buy a House in Sydney?
For those looking to buy a house, here's the breakdown:
Central Coast: Median house price of $910,000. You’ll need a single income of $157,000, or $80,000 each if you’re purchasing as a couple.
Sydney – Baulkham Hills and Hawkesbury: With a median price of $1.86 million, singles need $324,000, while couples should earn $149,000 each.
Sydney – Eastern Suburbs: Known for its prestige, the median house price here is a hefty $3.7 million, requiring a single income of $654,000 or $308,000 each for couples.
Sydney – Inner South West: A more affordable option with a median house price of $1.555 million, where you’ll need an individual income of $268,000, or $126,000 each for couples.
Pro Tip: If you’re considering buying in areas with high house prices, you may want to explore alternative loan structures or speak with a mortgage advisor to discuss the best financial approach.
Looking at Units? Here’s What You Need
Units provide a more affordable entry into Sydney’s property market, and many buyers are taking this route. Check out these income requirements for median-priced units in various areas:
Central Coast: A median unit price of $580,000 means a single buyer needs $108,000, while couples need $57,000 each.
Sydney – Baulkham Hills and Hawkesbury: With units priced at $845,000, singles need to earn $147,000, and couples need $75,000 each.
Sydney – Eastern Suburbs: A median unit price of $1.275 million means you’ll need an income of $218,000 as a single buyer, or $106,000 each as a couple.
Sydney – City and Inner South: Units in this bustling area have a median price of $940,000, requiring an income of $162,000 for singles, or $82,000 each for couples.
Insider Tip: Units in Sydney often appreciate quickly, especially in popular areas like the Eastern Suburbs or City and Inner South. Getting into these markets sooner could result in better returns later.