‘Beyond a joke’: Average income to afford Sydney housing sits around $186,000 

The way Australia is going down fast is a testament to the appalling state of our Politicians and the inept job they are doing in this country.....SHAME ON THEM ALL!!!

Wake up Aussies, it's about time you stood up for yourselves and sorted out your politicians. A good kick in is absolutely needed.

Australia is not the place to be anymore. It's gone down hill and straight to hell

Any country that bases its wealth on residential property prices is doomed to failure. A countries true wealth is measured by productivity and we are failing dramatically by this metric. The writing is on the wall.

Australia's becoming a joke

Western Sydney Airport, will bring in 10 million arrivals per year, wake up Australia 🇦🇺

Councils have too much power nowadays

Canadas and Austraila are having very similar issues. Food banks put out a report saying they were on the brink of collapse. Food bank reports really highlight the poverty index in a country. Also the rents have surpassed a certain bracket of citizens capablity to afford them now. Which is basicly throwing them to the wolves and going to force vunerable people into alot of co dependant unhealthy situationships. As I am sure people are aware the rise in youth crime, domestic violence, trafficking all coorelates to these cost of living issues. Please be kind in these times.

I can’t believe how far we have fallen under this useless government.

This is why I left Australia. From the lucky country to the un lucky country

Double standard boast about owning property investment then says buying a house is a problem…

30 years ago no one bought houses as investment, house price was stable with incomes rising, then banks were deregulated to loan out whatever they felt like- oh no property bubble. Negative gearis needs to be for owner occupier as well - like it is in us

Well Australia voted for Green Marxism. What did possibly expect would happen? But the cavalry is coming to save the say in the form of MAGA!

Just the way labor likes it,

Ohhhhh, lets complain online, pretty sure the politicians that have 7+ houses are reading the comments. We need to list everyone against abolishing tax concessions and negative gearing, we need to show that no one is happy.

So what’s Albo & co going to do about this mess? Or is this what they aspire this country to become with their ridiculous weather policies and more.

Need to scrap negative gearing for existing properties and only keep for new builds. Otherwise more and more homes will be owned by property investors instead of first home buyers.

If we continue on this path. 70% of workers in Australia will be homeless.

People from overseas and interstate have ruied Adelaide for us that were born here.

in 1980 the average home in Sydney was 5.5 times the median adult wage, in 2024 it's 15.4 times. One needs to be on an income of 250k to be on purchasing parity to 1980, which is in top 10% of income earners. There is no doubt that increase in demand is due to immigration and lack of release of land to build new dwellings . Around this time 1990s onwards, there was a concerted push to build more high rise apartments as opposed to the release new estates to minimise the pressure of urban sprawl and infrastructure . Add to this the changes in the way inflation was calculated, you will see that wages have basically been subdued over time leading to unaffordability. All things being equal, based in the median income in Sydney of 90k in 2024, Sydney house prices would need to be around 511k to be on purchasing parity to 1980. There's no doubt boomers had it easier than todays young, not to mention they were not saddled with huge tertiary HELP fees at the start of their working careers.

Knock knock..... Who's there? Just the door, can't afford the rest of the house.

If you can't afford to live in Sydney, Paris, New York, Hong Kong or London, MOVE

I have friends who work in Nursing and Welfare and they are saying peoples MENTAL and Physical Health is going down hill. Homelessness a huge cause. Its Freezing and people are getting Sick or DIEING. This should NOT be Happening in Australia in 2024.

Remove tax incentives negative gearing and cgt discount, reduce immigration on par with housing construction

And the government is letting this happen????

I tells the design is depending on you inheriting and selling property. They hate that the previous gen got property and to deplete it they make it impossible to get additional property focus on enforcing passover.

It's more affordable if we only consider apartments or units in Sydney

you citizens occupy 2% of the land in Australia, do they not know how to build houses?

I make $82,000 a year. How am I meant to retain my job in sydney and along with my new wife, start/raise a family of hopefully 2 kids? I may as well walk off a cliff and leave behind my life insurance payout.

People here have been living beyond their means for years now, it’s finally catching up.Financial advisors who encouraged people to borrow like crazy whilst money was cheap to borrow are also partially responsible. Time to face reality and quit the habit of spending money that one doesn’t have! Gonna take some doing though. Interesting times ahead.

Sydney keep importing nurses from overseas, because Sydney nurses moved interstate.

Merri-bek local people must have many rental properties with them.... Council doubles the rate and what do they think is gonna happen? Simply the rent for the new settlers there is going to go skyhigh and these local will make millions.

Add a rent cap to the double rates for landlords

Sydney is the equivalent of looking for accommodation at the gold coast in peak period in happy holiday time. Its uber expensive.

Its a disgrace

Put the % of people out there who voted Labor. Well if you are one of these how do you feel that you have got all of Australia in one big Mess and crab Hope you all sleep well at night😮😴😠

Politicians and big business have created this.

And Australian governments loves the badge of honour that comes with this.

My plan is to leave Australia and go somewhere affordable. Escape this madness.

The way prices are you'd be saving forever.

Should charge double taxes for property owners who leave their property empty.

Who's gonna pay me $90/hr?

"Just imagine what people are thinking" torches, pitchforks, gallows, inquisitions. "... but that would make things worse" Sir, these people didnt come here to be reasoned with

Maybe VOTE DIFFERENT??

3:17 this. Don't live there then...plenty of other places in Australia to live that aren't Sydney. Get skills, go overseas or do FIFO, earn money, be smart, invest wisely and do it that way.

It’s by design. It’s part of the plan.

Unless the RBA raises interest to 15%, the average income earners don't have any hope of buying a decent sized house anywhere in Australia. And sadly, this is not happening because central bankers control asset prices by keeping a lid on interest rates for too long, to the detriment of the middle class. As a result, the poor gets poorer, and the rich gets richer.

I think it is a life style choice for some people not being able afford a home in Sydney, why can't they just land themselves a $186,000 PA job ?

There are houses in Brisbane for less than $500k, 30kms out in Logan $450k, 40kms out in Ipswich $400k

Adelaide was 8th last year

You will own nothing and be happy. Scarry thing is i don't know if its a.quote or a command

You mean each....

I live in government housing atm a 3 bedroom house $93 a week

They keep,on saying wages are not keeping up,with house prices ,that’s the problem we are of the highest paid in world so dog chasing tail .

Is all good our politicians have multiple million dollar property portfolios. Our primeminister has a 9 million dollar property portfolio .going to a good profitable plan.

If half of population excluded from competition Because They Already Have Won and now NIMBY, the rest get very tight fight, and no one parttime barista have any chances. 180K not for individual but for household, which is reasonable for Sydney.

I’m actually surprised 😮. And here we are having a lot of Kiwis moving up to Australia for “better” living yet it costs a lot to buy a 🏠 and it’s even harder for ‘white collar’ workers? Damn! I guess we are all struggling anywhere & everywhere nowadays.

Yes it is expensive along with most States in Australia so do you journos have a solution? Maybe increase land tax like they have done in Victoria and destroy property investment in the state? I think not

​ It appears that there may be a lack of awareness among Australians regarding the factors contributing to their constrained disposable income, which in turn impacts their ability to support businesses in need of customers and consequently limits the ability to offer competitive wages, as was observed in the prosperous decades of the 1950s through the 1980s. This situation is often attributed to the significant overhead costs associated with governmental operations, colloquially referred to as the "Deep State," which reportedly accounts for a sizable portion of the national Gross Domestic Product (GDP). Several economic pressures exacerbate this issue, including a substantial new house tax rate of 45%, elevated fuel prices, and the unyielding nature of expenses such as rent, mortgage payments, and food costs. These economic dynamics are further compounded by a governmental dependency on the revenue generated from these sources to sustain the existing administrative framework, characterized by its top-heavy structure. It's worth noting that this phenomenon extends beyond Australia, manifesting as a global trend with far-reaching implications. In 1887 Alexander Tyler, a Scottish history professor at the University of Edinburgh, had this to say about the fall of the Athenian Republic some 2,000 years prior: "A democracy is always temporary in nature; it simply cannot exist as a permanent form of government". A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse over loose fiscal policy, (which is always followed by a dictatorship). "The average age of the world's greatest civilizations from the beginning of history has been about 300 years. During those 300 years, these nations always progressed through the following sequence:” From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to complacency; From complacency to apathy; From apathy to dependence on the state; - Here we are folks! From dependence back into bondage;

why not just cap the rent prices

Keep feminising the workforce! It has happened for years. Before I get attacked by all and sundry.......this was an attempt by the ALP to never lose office! The cost of everything is based upon a two income (good package) family!!!!

As a self confessed socialist, why isn’t Hildebrand giving half his shit away if he’s on a good wicket? Yet another champagne socialist 🤮

Thank you Little Johnnie Howard!🪣💩

Get use to living in apartments....make apartments more suited for families. The detached home on a quarter acre block Australian Dream is dead in the cities. If you want that...move to regional NSW.

No probs, just keep adding to the number of people who need somewhere to live, demand over supply is sure to drive the prices down...........

As a property investor, I pass most of Federal, State and Council taxes & rates to the tenant. If they don't like it, they can fark off. Just do the maths on a $2M house at 6.5% interest rates, council rates, land tax, building insurance, water rates, repairs and maintenance. It's about $150K pa cost or opportunity cost. The tenant only pays about $50K to $65K pa to live there. If tenants want lower rent, just get the Government and Councils to stop the taxes and rates.

The increase of house prices will make the rental market even higher since people can’t afford even to pay for the down payment. Australia will become like Japan, South Korea, Singapore but the only difference is their government are smarter and they started earlier by blocking all the foreigners to buy property with high duy and taxes. Some country even totally blocked PR to buy a house and only citizen are allow to buy house and make it difficult to buy investment house. The Australia government mistakes are allowing the state government went bankrupt with out of control project that cost us losing billions and not controlling the inflation and interest rate within a space of 2 years. They also suddenly increase all the property taxes and created this bubble effect for the investor to increase rent or to force them to sell high.

We are being nostalgic. Sydney is an international city with international prices and people. No one expects to buy a house in Manhattan or London. It's time to accept reality.

So you just need to earn $186,000 a year for 30 years to pay off your home. Nice.

Everything is f*uk*d

No one is forcing ppl to live in Sydney. Move somewhere else or stop whinging.

:(

Why I got out of your appallingly governed, blissfully ignorant economic train wreck. From a nice place to a residential real estate economic basket case in 10-15 hrs.

🇺🇸♟♟♟♟♟♟🇮🇱✡️

STOP IMPORTING PEOPLE!!! I own my own home and a 20-acre farm, and I fought the Municipality on the Property Tax Issue and WON!!! Because of this, I pay nothing for my housing. It's an old house, but I'm happy here. I also live Off Grid and so have no utility bills either, other than my Internet. My heart goes out for all those starting out, though. I encourage all the folks out there to fight the municipalities on the property tax issue. They are all private corporations and therefore have NO RIGHT to issue INVOICES AND DEMAND PAYMENT WITHOUT CONSENT!!! High Court of Australia Precedent Queensland Rail v Union, 2015. I haven't paid "Property Taxes" (so called) since 2016 and I'm still here, there's not a damned thing they can do about it! This is not legal advice, just education and an anecdote of my personal experience. I pray that God blesses you all with a knowledge of the Truth!

Sydney not number 2 not even close Singapore is " then Bejing " then Vienna " " then Zurich" then Copanhagan " then Berlin i also forgot Olso in Norway .. Home ownership below 50% in these countries studio million dollars ! Sydney it $600000 in bondi not so bad ! Do you see a paten here more socialist country more expensive to live

I live in central Qld and paid $530k in 2018 for my house. It’s now valued at $750kplus which means absolutely nothing to me because the cost of replacing my house is to no advantage. I feel for the younger people who most probably will never afford to own their own house. Disgusting. Thanks boomers😒

I am curious, did you buy bitcoin?I did and now I am starting to regret it