This is how much of a pay rise households needed this year to keep up in property market

Despite home values declining, people need to earn more money now compared to January if they wish to enter the market. Simon Schluter In Melbourne, someone trying to buy the median house in January would have needed a household income of $103,877. But by July, they would have needed a raise of $1786, to an income of $105,663, to afford the median house valued at $936,528. AdvertisementIn Sydney, a household would now need an income of $172,543, up from $170,166 in January, to service a mortgage on the median house, valued at $1,529,308. Perth buyers would require an additional $13,788 to buy the median house valued at $1,073,500.