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Melbourne house hunters need to be earning $70,000 more today than in 2020 to afford a home

Press coverage 5 August 2024 Summary of published coverage
Melbourne house hunters need to be earning $70,000 more today than in 2020 to afford a home

Research by Finder and PropTrack put the income needed to buy a median priced Melbourne house at $171,778 in 2024, compared with $98,817 in 2020, reflecting higher prices and a jump in the assumed mortgage rate. Suburbs such as Mambourin recorded increases of about 170 per cent in three years. Analysts noted the APRA serviceability buffer had further reduced borrowing capacity.

Reported by

Sarah Petty and Aidan Devine, Daily Telegraph, 5 August 2024

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