We all know that some cities and states are more affordable than others when it comes to buying property – so what property can you buy with the average salary?
What $500,000 might buy you in Melbourne is completely different to what $500,000 could get you in Adelaide or Hobart; and regional areas face the same comparison – $500,000 in a regional NSW town is going to stretch a lot further than $500,000 in Sydney.
If you’re starting your search, make sure you sign up for your match profile on Soho.com.au – we’ll send you instant property matches based on what you’re looking for so you never miss a beat.
Making your calculations
You can start by finding out what’s a good salary in Australia.
According to the Australian Bureau of Statistics’ Average Weekly Earning Survey for November 2023, the average full time weekly total earning is $1,886.50 before tax – which is $98,098 annually. (But if you earn less than that, check out our article on Buying a House with a $70k Salary).
For our purposes, we’re going to assume the below:
- You earn the average annual salary of $98,098 prior to tax
- You already have, or you are willing to save a deposit of 20%
- You have monthly living expenses of $3,000 including rent, fuel, food, utilities and entertainment
- You have no other loans or credit cards to pay off
Using a basic mortgage calculator over 30 years, and at 5% interest, here’s what to expect:
| Category | Can Borrow | Monthly Payment | Max Property Price |
|---|---|---|---|
| Single | $349,000 | $1,873 | $418,800 |
| Couple* | $923,000 | $4,958 | $1,189,920 |
*Both earning the average income above with expenses of $4,500/month.
Of course, these figures aren’t going to match up with everyone’s income, so before you start looking for property, jump online to a basic mortgage calculator and find out what you can afford.
You need to consider interest rate rises and whether you could afford an extra $100 to $200 per week should interest rates rise.
You will also need to take into consideration the costs of owning a property including:
- Rates
- Water
- Strata fees (if applicable)
- Maintenance
- Insurance
Now that you can see how much (roughly) you are able to spend, let’s take a look at some of the properties your money will buy you in our capital cities.
Sydney Suburbs For Average Income Earners
For Single Income Earners – Sydney Suburbs Under $450,000
| Suburb | Median House Price | Median Unit Price | Find Available Properties for Sale |
| Blacktown | $822,500 | $500,000 | Blacktown NSW real estate for sale |
| Smithfield | $978,500 | $731,250 | Smithfield NSW real estate for sale |
| Liverpool | $925,000 | $461,500 | Liverpool NSW NSW real estate for sale |
For Dual Income Earners – Sydney Suburbs Under $1,200,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Parramatta | $1,550,000 | $615,500 | Parramatta NSW real estate for sale |
| Rooty Hill | $888,000 | $721,000 | Rooty Hill NSW real estate for sale |
| Belmore | $1,480,000 | $538,750 | Belmore NSW real estate for sale |
Melbourne Suburbs For Average Income Earners
For Single Income Earners – Melbourne Suburbs Under $450,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Melton | $474,000 | $371,000 | Melton VIC real estate for sale |
| Craigieburn | $636,500 | $415,500 | Craigieburn VIC real estate for sale |
| Werribee | $614,000 | $420,000 | Werribee VIC real estate for sale |
For Dual Income Earners – Melbourne Suburbs Under $1,200,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Cheltenham | $1,198,000 | $655,000 | Cheltenham VIC real estate for sale |
| Mount Eliza | $1,655,000 | $675,000 | Mount Eliza VIC real estate for sale |
| Rowville | $1,099,000 | $720,000 | Rowville VIC real estate for sale |
Brisbane Suburbs For Average Income Earners
For Single Income Earners – Brisbane Suburbs Under $450,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Goodna | $495,000 | $310,000 | Goodna QLD real estate for sale |
| Dakabin | $695,000 | $432,000 | Dakabin QLD real estate for sale |
| Eagleby | $540,000 | $370,000 | Eagleby QLD real estate for sale |
For Dual Income Earners – Brisbane Suburbs Under $1,200,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Spring Hill | $1,700,000 | $466,000 | Spring Hill QLD real estate for sale |
| Barellan Point | $805,000 | – | Barellan Point QLD real estate for sale |
| Everton Park | $985,000 | $560,750 | Everton Park QLD real estate for sale |
| Woolloongabba | $1,217,000 | $570,000 | Woolloongabba QLD real estate for sale |
Adelaide Suburbs For Average Income Earners
For Single Income Earners – Adelaide Suburbs Under $450,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Gawler West | $380,000 | – | Gawler West SA real estate for sale |
| Christie Downs | $513,000 | – | Christie Downs SA real estate for sale |
| Andrews Farm | $480,000 | – | Andrews Farm SA real estate for sale |
For Dual Income Earners – Adelaide Suburbs Under $1,200,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| West Beach | $1,281,000 | $500,000 | West Beach SA real estate for sale |
| Norwood | $1,342,500 | $700,000 | Norwood SA real estate for sale |
| Burnside | $1,280,000 | $617,500 | Burnside SA real estate for sale |
Perth Suburbs For Average Income Earners
For Single Income Earners – Perth Suburbs Under $450,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Parmelia | $450,000 | – | Parmelia WA real estate for sale |
| Seville Grove | $505,000 | $382,500 | Seville Grove WA real estate for sale |
| Eglinton | $553,000 | $235,000 | Eglinton WA real estate for sale |
For Dual Income Earners – Perth Suburbs Under $1,200,000
| Suburb | Median House Price | Median Unit Price | Find Available Real Estate for Sale |
| Como | $1,100,000 | $525,000 | Como WA real estate for sale |
| Shelley | $1,272,500 | $489,000 | Shelley WA real estate for sale |
| Burns Beach | $1,050,000 | $605,000 | Burns Beach WA real estate for sale |
Hobart Suburbs For Average Income Earners
For Single Income Earners
For Dual Income Earners – Sydney Suburbs Under $1,200,000
Exploring Regional Australia
There’s no doubt that buying in a capital city may be out of reach for some people.
When you start looking at regional areas, there is certainly a difference in what your money can buy compared to the city. Whether you head to the coast, or stay inland, there’s a good bet your money will stretch further in regional areas.
Regional NSW
Muswellbrook, NSW – single income
Yamba, NSW – dual income
Regional Victoria
Heywood, VIC – single income
Inverloch, VIC – dual income
Regional QLD
Zilzie, QLD – single income
Preston, QLD – dual income
Regional South Australia
Murray Bridge, SA – single income
Robe,SA – dual income
Regional WA
Broome, WA – single income
Margaret River, WA – dual income
There are plenty of properties out there for sale and if you are prepared to move further out of the city or take a sea (or tree) change to regional areas, you’ll find your money will stretch further.
FAQs on What Property Can You Buy With The Average Salary
What is the minimum income to buy a house in Australia?
There isn’t a single minimum income to buy a house in Australia. It depends on several factors:
- Loan affordability: Lenders assess your ability to repay the loan based on your income, expenses, and debt-to-income ratio.
- Property price: More expensive properties require a higher income to secure a loan.
- Deposit amount: A larger down payment reduces the loan amount needed and can improve affordability.
What is the best salary to buy a house?
Reports suggest an average Australian household needs over $300,000 annually to afford a median-priced home.
What is the lowest income to buy a house?
Finder.com’s data indicates you’ll need at least a $100,000 salary to manage the average loan size in each state.
What is the top 1% income in Australia?
Incomes exceeding $450,000 per year are generally considered within the top 1%. This is an estimate and can vary depending on the source.
