The annual income requirements for buying a house with a loan in different suburbs of Melbourne vary greatly
(Louis Ng), Wu Qiyang
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The latest research shows that buying a house with a loan in different suburbs of Melbourne has very different annual income requirements for home buyers. In some low-end markets, buyers can enter as long as their annual income reaches more than 5 Australian dollars; and to buy a house in certain high-end markets, buyers need to have an annual income of more than 60 Australian dollars.
According to the Herald Sun, an analysis of CoreLogic’s Melbourne median house price data by Finder.com.au found that home buyers can purchase an ordinary house in Melton as long as their annual income reaches A$53,468. The district is independent. The median house price is A$38.7.
For homebuyers with an annual income of less than A$6, properties in Melton South, Kurunjang and Millgrove can also be purchased through loans.
To buy a detached house in Toorak, buyers cannot repay the loan if their annual income is less than A$611,361; to buy a house in Canterbury, the annual income requirement is A$3,97,902; A$392,031 in Brighton; A$359,217 in Malvern .
In the unit market, Carlton is the most accessible area in Melbourne. Buyers can enter with an annual income of only A$42,983; in Melton South and Melton, a unit can be bought with an annual income of less than A$5. .
Ashburton is the suburb with the highest unit price, with an annual income requirement of A$188,052 for buyers, followed by Canterbury (A$180,300) and Toorak (A$174,520).
Finder’s analysis is based on the assumption that home buyers are buying median-priced properties with an average housing loan interest rate of 4.04%, down payment is 20% of the house payment, and the buyer’s loan repayment ceiling is 30% of their income.
House prices and annual income requirements in some Chinese districts of Melbourne
Annual income requirements for median price of independent houses in urban areas
Box Hill $ 1,551,000 $ 214,287
Box Hill North $ 1,226,000 $ 169,385
Box Hill South $ 1,296,888 $ 179,179
Blackburn $ 1,356,000 $ 187,346
Blackburn North $ 1,067,500 $ 147,486
Blackburn South $ 1,083,500 $ 149,697
Clayton $ 1,135,500 $ 156,881
Clayton South $ 780,000 $ 107,765
Doncaster $ 1,280,000 $ 176,846
Doncaster East $ 1,230,000 $ 169,938
Glen Waverley $ 1,316,000 $ 181,819
Unit house prices and annual income requirements in some Chinese districts in Melbourne
Annual income requirements for the median price of urban units