Here’s how much income you need to buy your dream home


Coins on a table with some one writing in a book behind to work out how much salary for a home loan deposit in Australia

Scott Palazzi from Loan Market shares his insights on how much income you need for your dream home.

If you’re wondering how much money you need to earn to purchase property, new modelling has found the answer.

The following calculations are based on the median house price and assuming the buyer has a 20% deposit.

Buyers in Sydney would need a gross annual income of $192,400 per year to purchase a two-bedroom house, based on Domain property price data and Canstar analysis of mortgage serviceability rules. 

They’d need to earn $217,800 per year for a three-bedroom house and $281,100 per year for a four-bedroom house.

Melbourne buyers would need to earn $146,100 for a two-bedroom house, $153,100 for a three-bedroom house and $173,800 for a four-bedroom house.

Adelaide ranks third in terms of income requirements – buyers would need to earn $120,000 per year to purchase a two-bedroom house, $135,700 for a three-bedroom house and $167,000 per year for a four-bedroom house.

In Brisbane, buyers would need $113,000 to purchase a house with two bedrooms, $137,400 with three bedrooms and $153,900 with four bedrooms.

Domain and Canstar modelled one other capital city, Perth, where buyers would need an annual household income of $99,300 for a two-bedroom house, $111,800 for a three-bedroom house and $137,400 for a four-bedroom house.

I can help you with the pre-approval. I’ll compare loans from a diverse range of lenders, shortlist the standout offers and then manage your application.

Scott Palazzi – Loan Market
Scott.Palazzi@loanmarket.com.au 
broker.loanmarket.com.au/scott-palazzi
0413 747 283

Read next:

How to calculate your equity

Getting the financial foundations set for building a home

Ask the Experts: Could debt consolidation be worthwhile?

Why 2024 could be a good time for first-home buyers 

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