A new study has highlighted the rising cost of housing across 635 suburbs in Sydney.
Conducted by Compare the Market, the study found that an individual earning the average weekly wage of $1,416 cannot afford a home in these areas.
To secure a home loan, approximately 30% of a person’s income would need to be allocated toward repayments.
Meanwhile, a dual-income household can only afford to buy a home in 126 suburbs across Sydney.
Despite this, the average house price has slightly decreased from the previous quarter, now recorded at $1,474,032.
However, the study warns that if interest rates continue to decline, housing prices are likely to rise again.
