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With the increasing rate of Australian immigration, property prices are rising rapidly.
Many Australians whether locals or those who landed at the place through Australian immigration, are bound to think that they will never be able to buy the house of their dreams in a suburb they would love to live in. So what should be your average annual income to make your dream come true?
Whether you wish to own an inner city apartment or a large family home, now you can have an idea of how much you need to earn by using a property finder calculator.
Home Buying Cost Calculator
The calculator is created by finder.com.au, Australia’s biggest search website. The calculator takes the property data from CoreLogic RP data. It is the most reliable data source for Australia and New Zealand.
The calculator will help you to determine the minimum household income required annually to buy a house or any property within Australia or New Zealand. The estimates are realistic and will keep you below the mortgage stress level.
How does it work?
The home buying cost calculator uses the data that is available in all states and territories countrywide. It then calculates
- median property prices as of November 2014
- gross salary calculations depending on current average variable home loan interest rates
- 90% mortgage size
- 29% gross income for mortgage repayments (the estimates will be done such that mortgage stress threshold remains below 30%)
Required Annual Household Income Calculated for Certain Areas
According to this calculator, the required annual household income to buy a house or a unit in the suburbs of Sydney, Melbourne, Brisbane and Perth is shown in the table below.
| Desired Area/Suburb | Annual Income Required to Buy a House | Annual Income Required to Buy a Unit |
| Bondi, Sydney | $360,971 | $165,882 |
| Brunswick East, Melbourne | $173,707 | $105,371 |
| Teneriffe, Brisbane | $261,864 | $128,950 |
| Cottlesloe, Perth | $371,409 | $160,770 |
These annual income amounts are estimated keeping that your mortgage stress threshold remains below 30%.
When you apply for Australian immigration, one of the problems you face is to find a place to live. Though initially it is more feasible to rent a place for living but you can plan to buy a property of your own in your desired area. This calculator will help you to estimate the total amount you need to earn for the purpose.
If you want to move to Australia, don’t hesitate to contact us…
