Although housing prices fell in most Australian cities at the beginning of the year, the new data shows that a large salary is still needed to buy a house.
Potential buyers still need to earn six figure salaries to enter the housing market comfortably and avoid what is called "mortgage stress".
Mortgage stress occurs when 30% or more of your income goes toward repayments, according to RateCity research director Sally Tindall.
New data has shown that home buyers may still need a six-figure salary to comfortably enter the housing market (stock image)
The data suggest that first home buyers will have difficulties to start in the market (stock image)
& # 39; Everyone has accounts to pay, mouths to feed and children to educate. People are struggling to make ends meet, "Tindall told News.com.au.
"When your mortgage repayments exceed that 30 percent mark, it means you will have trouble getting extra money that allows you to get through month after month."
SALARY REQUIRED TO AVOID MORTGAGE STRESS IN YOUR CITY
Adelaide: $ 75,556 (home) and $ 53,220 (unit)
Brisbane: $ 87,343 (home) and $ 62,011 (unit)
Canberra: $ 109,624 (home) and $ 71,528 (unit)
Darwin: $ 82,282 (home) and $ 50,356 (unit)
Hobart: $ 74,076 (home) and $ 58,561 (unit)
Melbourne: $ 131,830 (home) and $ 92,280 (unit)
Perth: $ 78,088 (home) and $ 64,026 (unit)
Sydney: $ 161,859 (home) and $ 121,026 (unit)
RateCity has calculated the annual income needed to buy a house or unit in the capital cities of Australia, based on average house prices and initial costs.
The Sydney housing market proves to be the most expensive once again.
A potential buyer should have a salary of more than $ 161,000 to buy a house in Sydney and avoid mortgage stress.
Even a unit would require a salary of $ 121,000.
The average price of housing in Sydney is still almost $ 1 million, with an average initial cost of more than $ 240,000.
At the cheaper end of the scale, people looking to buy a house with a lower salary should look at Hobart, where it is said that the necessary salary is $ 74,076.
For a unit, the lowest salary needed is in Darwin, where a buyer can comfortably enter the market with $ 50,356 a year.
In particular, first home buyers are about to feel the pressure.
When the repayments of your mortgage exceed that 30 percent mark, it means that you will have problems to have additional cash that allows you to arrive month to month, "says a market expert (stock image)
The average 21 to 34 year old earns around $ 56,000 a year, according to the Australian Bureau of Statistics.
RateCity's research says that the least someone can earn to avoid mortgage stress before buying a home is $ 74,076, and that's only in Hobart.
Research shows that young Australians live with their parents longer, due to the high cost of living and unprecedented levels of debt.
A report from the Australian Securities and Investments Commission warns that young people are getting into trouble by overextending credit card debt.
The average home in Brisbane (pictured) costs $ 87,343, more than $ 30,000 than the average salary of a young person aged 21 to 34 years old